This is a weekly chart of S&P
Inside the 1175-1200 band. It’s overbought. It’s a bit of distance from its MAs, but as long as it stays in range, it can move sideways cool off a bit
This is a daily
13 EMA provided support again today. it’s 6 days that index has been closing around the same spot. It looks like S&P is making a small rounding pattern, but looks can be deceiving and we need a good move below immediate support to perhaps get a sustained move on the downside.
McClellan Oscillator continues its downtrend
Daily breadth was neutral and somewhat mixed for a second day in row. Declining volume slightly trumped advancing volume while advancing price was better that declining price.
Keep in mind that index can go sideways and work off its momentum and breadth divergences.
This is a weekly chart of NDX
Overbought and at the upper channel line.
This is a daily
Riding the same short term trend line higher for days.
Notice that volume has been expanding these past few days. Meanwhile, McClellan Volume Oscillator does not indicate any expansion of volume on the upside – not yet, anyways
This is a 60-min chart of S&P
The chop-chop can be counted in different ways. This is just one count out of many.
A move below 1170 may indicate a change in short term trend. As long as index stays above 1180, it has a chance at maintaining a positive posture.
A bit wider, the 1168 and 1187 pivot seem to have been containing the recent chop. It may take a move beyond any of these pivots to give us some sort of a trending wave.
OEW pivot support at 1176 and 1168. Pivot resistance at 1187 and 1219.
Long term trend is up. Mid-term trend is up. Short term trend is chop-chop.
Have a Nice Day!
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