AI
| Followers | 689 |
| Posts | 143817 |
| Boards Moderated | 35 |
| Alias Born | 03/10/2004 |
Sunday, July 08, 2018 9:53:09 AM
Market Weekend Update - Short Term
By: Tony Caldaro | July 7, 2018
Last weekend we posted this count on the hourly chart but spent little/no time discussing it. On Wednesday we noted that the SPX 2690’s were providing support, while the rallies had been topping at lower and lower levels: 2746, 2743, 2737. On Thursday the SPX hit 2738, before closing at 2737. Then on Friday, the market opened at SPX 2738 and rallied all the way to 2764, before closing at 2760. Clearly the short term pattern changed over the past two days.
What this suggests, is that a continuation of the uptrend is back on the table if SPX 2791 is exceeded. Other than that we are still expecting lower lows (SPX 2692) this month. Short term support is at the 2731 pivot and the SPX 2690’s, with resistance at the 2780 and 2798 pivots. Short term momentum ended the week extremely overbought. Best to your trading!
>>> Read More…
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By: Tony Caldaro | July 7, 2018
Last weekend we posted this count on the hourly chart but spent little/no time discussing it. On Wednesday we noted that the SPX 2690’s were providing support, while the rallies had been topping at lower and lower levels: 2746, 2743, 2737. On Thursday the SPX hit 2738, before closing at 2737. Then on Friday, the market opened at SPX 2738 and rallied all the way to 2764, before closing at 2760. Clearly the short term pattern changed over the past two days.
What this suggests, is that a continuation of the uptrend is back on the table if SPX 2791 is exceeded. Other than that we are still expecting lower lows (SPX 2692) this month. Short term support is at the 2731 pivot and the SPX 2690’s, with resistance at the 2780 and 2798 pivots. Short term momentum ended the week extremely overbought. Best to your trading!
>>> Read More…
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
