$SPX - Chart Link - as I discussed last
night (well I guess this morning for a lot of you since it was so
late), there's a band of resistance at the downtrend line from the
2116.5 highs, and at the 50% Fib which also matches the Nov 9th low
at 2068, then there's an open gap up at 2074.85.
On the daily chart the 9 day EMA is at 2061, the 200 day SMA is
at 2064.5.
I think if the market pulls back some it will likely form a
higher low, then attempt to push up to those areas. However
should we pullback, the SPX should not retrace more than 50% of
yesterday's large up candle, if it does then going back to test the
lows would be more likely.
Otherwise I have a massive migraine, I need to lie down a bit to
clear this up
Is the outlook still to expect a lower high on a move higher,
and then a deeper pullback which would undercut yesterday's lows?
The BPT MA indicator is red, and a pattern still resembles that of
2011.
I hope you feel better soon, Matt!
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SPX 30 min and market comments
Posted by matt on 17th of Nov 2015 at 09:45 am
$SPX - Chart Link - as I discussed last night (well I guess this morning for a lot of you since it was so late), there's a band of resistance at the downtrend line from the 2116.5 highs, and at the 50% Fib which also matches the Nov 9th low at 2068, then there's an open gap up at 2074.85.
On the daily chart the 9 day EMA is at 2061, the 200 day SMA is at 2064.5.
I think if the market pulls back some it will likely form a higher low, then attempt to push up to those areas. However should we pullback, the SPX should not retrace more than 50% of yesterday's large up candle, if it does then going back to test the lows would be more likely.
Otherwise I have a massive migraine, I need to lie down a bit to clear this up
still a bearish outlook?
Posted by junkie on 17th of Nov 2015 at 10:36 am
Is the outlook still to expect a lower high on a move higher, and then a deeper pullback which would undercut yesterday's lows? The BPT MA indicator is red, and a pattern still resembles that of 2011.
I hope you feel better soon, Matt!