After scanning through charts and market commentary from the people I follow and respect the tone has turned bearish at least for the short term. The pull back in tech and the sell the news price action following a big earnings week has many traders feeling nervous. I posted a similar chart a while ago point out that the SPX was running into channel resistance and may be due for a pull back. Currently however price action is simply in consolidation mode looking for some sort of catalyst to push price in either direction. The reality is that price can easily go either direction. Although we are at the channel resistance price is still deep in the bull zone and the weekly RSI is still making higher highs. That said I am unwilling to pick a direction right now. Price could easily find a reason to push to the red zone on the chart or pull back and retest 4000. My plan in this case is to focus on the the recent weekly high and lows. A break above the 4219 could yield a move to 4280 or higher and a break below 4118 could yield a move back to 4030.
Bình luận:
Better close today than the NAS. The low today was 4128 so SPX managed to hold onto the 4118 level. If that level is lost a move down to 4000 is possible. If price manages to reclaim today high a bullish push back to ATH is possible as sector rotation within the SPY to OIL/Materials and industrials can still take it higher.
Bình luận:
Selling resumed. Pulling into 4000 where it needs to find support at the 9 week ema. This has deep sell off potential if 4000 can not hold. Will update chart soon with levels to watch to the down side.
