I was talking about the cluster of support levels in the 1768-80 SPX area yesterday morning and the low was at 1773. That has tested the weekly 20 and 50 MAs, and is a second retest of broken wedge resistance. There is a little play left in this support area but if we aren’t to see a much larger correction develop then this is the likely reversal area. SPX weekly chart: (more…)
Slope of Hope Blog Posts
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Testing Serious Support
I was talking about the cluster of support levels in the 1768-80 SPX area yesterday morning and the low was at 1773. That has tested the weekly 20 and 50 MAs, and is a second retest of broken wedge resistance. There is a little play left in this support area but if we aren’t to see a much larger correction develop then this is the likely reversal area. SPX weekly chart:
It may be that the short term low is now in, though I would say that my target at the possible rising channel trendline from 1646 has not yet been hit. if we were to now see a test of yesterday’s low that would open up a possible hit of that trendline and would deliver positive divergence on the 60min RSI. That may not happen but it would be a tidier low. SPX daily chart: (more…)
ES Quantitative Analysis SHORT
Futures are rising at the moment of writing, and yesterday the ES reached VERY oversold levels according to our PRICE STRETCH and TIME STRETCH measurements: 1767 was the low of the day, just below our 1770 level with 97.18% odds (see below). 3 days down in a row and also this is the 3rd week down in a row. (more…)