First SPX weekly chart, reminds of DAX so no surprise there. Mid term trend is up. Heads up if we close the week below ~1360 since it is the first sign of a trend reversal.
And daily SPX chart, rising channel or bear flag. Short term is up, no close below 1360 allowed for now.
And RUT daily chart, the pattern is nothing new. Still lagging behing compared to SPX etc.
XLF daily chart, also lagging behind and this pattern is not that bullish in my eyes. Bulls need a upside break-out and fast. No rally without financials..
And the last one is for them bears. Point & figure chart of SP 500 bullish percent index which suggest that this is still only a bear correction.
The estimated weekly range is: 1430 – 1350.
Trading suggestion: I don’t thing bulls will break-out to the upside from recent rising channel so we’ll stay on the sidelines monday. Since MT & ST trend is both up, we’ll “buy the dips” but with smaller positions since volatility is quite high.
From the trading signal site:
Weekly BPSPX = bullish
Daily BPSPX = bullish
SPX EMA = bullish
SPX MA200 = bullish
Weekly SPX MACD = bullish
GOLD MA200/300 = neutral
