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Further to my post of January 27, the SPX:VIX ratio broke and closed below its 2019 uptrend line on Friday, as shown on the following daily ratio chart.
Failure to recapture and hold above, firstly, 180, then, 200 will signal further weakness in the SPX.
Breaks of the RSI, MACD and PMO uptrends are hinting of further weakness in the SPX.
(more…)Monday’s (January 27) intraday Pivot Point targets for the S&P Emini Futures Index (ES) are (as shown on the following 30-day 60-min chart):
R3 = 3415.83
R2 = 3359.33
R1 = 3325.17
(more…)Further to my post of January 5, the following provides an update on price action as of today’s (Thursday’s) close.
The following monthly chart shows the SPX, GOLD and OIL in comparison format, as well as their respective high, low and today’s closing price for January, so far.
The instrument currently facing the “path of least resistance” is the SPX. It shot through prior near-term resistance (now support) of 3233 and continues to rally.
(more…)I’ll simply summarize and provide the major resistance and support levels for the SPX, GOLD and OIL shown on the following monthly charts and you can judge for yourselves whether strength or weakness is in the cards in the near term.
(more…)
