As expected the market wasn't able to break thru 2119 level
(except a few wicks above) and now we are back in the range.
Tomorrow (May 7) we may see a bounce off of the 2065 level.
Or we can see more selling breaking the 2065 level and going
down to 2040. We have been there, right?
Here we go again
Market broke the descending resistance yet has a hard time to break the 2119 ATH resistance.
Now we have a stop at 2105. If this doesn't hold, we can drop all the way down to 2093 level.
This again looks like a fake breakout.
SPX created a new lower high and today's selling added to a bearish outlook. We may bounce tomorrow a bit, but more selling seems to be coming. We closed below 2065 support, 50 day MA, and sitting right at 2059 trend support. If we break thru this too, then see you back at 2040, or even at 1990.
FED removed "patient" word from their report but on the other hand said that they would not raise the rates anytime soon. A large spike in price closing above 21 day MA makes the trend bullish again. We also broke 2093 resistance.
I expect re-test of 2118 level and potentially going up to 2140 upper Bollinger Band.
Today, March 16th was a significant day in my opinion as we reclaimed 50 day MA and closed above it in a strong bullish move. We also reclaimed 2065 level which was a previous support, then resistance and now a support once more. The trend line support holds so far and supports the market. Once again we are seeing our well known 2093 & 2100 resistance levels being...
March 11 trading brought the market drifting lower. Does it mean sellers are done with selling or are they getting ready for a new wave of selling? It seems that nothing has changed so far and we still may see some uptrend bounce prior to renewed selling, unless we see some kind of recovery. The support at 2040 seems to be holding as of now. Tomorrow will show...
No bounce today whatsoever. The market drifted lower. Calm before the storm? The trend line support
is still in the play, but Bollinger bands are opening wide so we may see some action soon. If the trend support
doesn't hold, it will be down.
Today's sell off broke 50 day MA and there is nothing to stop the market from falling.
We may see a short bounce tomorrow or in a few days before another drop.
The market reached a quite strong support at 2070 level made of 50 day MA, lower Bollinger Band and previous resistance, now support of the previous channel.
