- SPY daily is stuck between 50 and 100 SMA. Attempts to break above 100 SMA is not succeeding. So price has to breakout or breakdown below these moving averages for a bigger direction to happen.
- Indicator like stochastic has been in overbought region for some time now.
- Attempts to close above daily cloud is not succeeding. Price has to close above it soon or else we may see a bigger fall from the current levels.
- SPY Weekly indicators are looking good for bulls to extend this gains.
- Price is about to enter resistance levels between 123 - 126 if it goes up some more.
- If price stays above 126 levels then weekly indicators will completely turn in favor of bulls.
- For bears the weekly middle Bollinger Band (20 Week SMA) and the daily Ichimoku cloud should help. If these levels are taken out then bulls will be stronger.
- S&P 500 WEEKEND UPDATE
- Price not able to close above 20 Day Moving average.
- Price falling below 114 will increase the risk of a breakdown for bulls.
- 110.27 is the final support before the big fall. Price taking support and closing the day above 20 Day sma may give hope for bulls.
- Indicators like MACD and Stochastic are in neutral territory because of the range.
- Indicators are favoring bears for next week.
- Bears will be stronger below 114. Break of 114 may lead to a test of recent lows at 110.27 which is the final hope for bulls.
- For Tuesday the support line comes at around 114.80
- NFLX WEEKEND UPDATE
- S&P 500 WEEKEND UPDATE
- Its a day of false breakouts.
- Silver did an upper breakout from its rising wedge and gave a correction
- Crude oil false breakout was from an ascending triangle pattern.
- SPY and ES did gave false breakouts from the rectangles in which they were trading. Price is moving in the opposite direction.
- Usually price moves well in the opposite direction after a false breakout. ES and SPY are doing it, But silver is trying for an upper breakout again.
- SPY one hour chart is approaching its 50 Hour moving average
- Closing the day above 50 Hour moving average will keep bulls interested.
- Getting resisted here will favor bears.
- CRUDE OIL MOVING UP
- From 5 Minutes to 30 Minutes price is still below 50 period moving average.
- Bulls are finding it difficult to hold on even in the 5 Minutes chart.
- A definite change will happen above the cloud in 30 Minutes time frame.
CHART-II
- Weekly support level mentioned in the below chart did not hold for long.
- Price violated that level and closed the day below it
CHART-I
- SPY Weekly chart shows support around 121.70 levels
- This level may hold for sometime.
- Next leg down will happen only if this level is taken out.
- Price is trying to move up in smaller time frames.
- But the bigger trend is still down.
- So Intraday longs will face selling pressure at higher levels.
- Price still below 50 period moving average and cloud so sell on rise.
- SPY Four hour chart with Fibonacci levels for the rise from 126.19 to 135.70
- Price has taken support near 78.6% Fib level for the above mentioned level.
- Price closing above this level may stop a larger correction from happening.
- But price has broken below the cloud in this time frame. So cloud will act as resistance until it is broken. Bigger up move will happen only when price breaks and closes above the cloud.
CHART-II (UPDATED)
- Hour chart has a GAP between 130.65 - 131.32.
- Price fading the GAP and closing below it may take SPY to 129.63. GAP may act as support too.
CHART-I
- Price in 30 Minutes time frame is staying below 50 Period moving average which is encouraging for bears.
- Price has given a breakdown from rising wedge in favor of bears.
- Now breaking yesterday's low may extend profit for bears.
- 30 Minutes chart with a bearish pattern.
- Price breaking the dotted line can give an up move towards the resistance line of the wedge.
- Bearishness can only be seen if the supporting line of the wedge gets broken.
- SPY Hour chart has an ascending Triangle pattern.
- Price sustaining above 135.66 May give a rally for bulls.
- Breaking support line will favor bears.
- SPY daily chart is showing a bullish moving average crossover. 20 has gone above 200 DMA.
- Last week closing was above 61.8% Fib level . Trading above this level will increase the chances of going up to 78.6% level(117).
