Market breakout with higher lows and higher highs along with an RSI above 50 signaling more upside likely to come. Additionally, both the 10 and 21 MA are above the 50 SMA adding to the bullish posture. Note markets are digesting lower oil prices as a stimulus. Lower oil, higher stock market.
Tag Archives: SPX
The S&P seems to be looking to test its upward sloping resistance while the Russell is testing its downward sloping resistance as well as its %50 retracement. Lets see if the markets can overcome these hurdles and if not targets from previous post are in play. BTW $TSLA and $NFLX will be stocks to watch on any pullback for long entries. Ill post some targets in the coming days to see where they will likely head.
Back to overbought conditions. Wouldn’t expect much higher in the coming days.
Its all about the $SKEW. The SKEW has reached extreme levels and is signaling caution on any long positions here. Time to step aside or look for short entries to 1950 on $S&P Futures or 1964 on SPX. Looking for a retrace possibly up towards 2050, but not sure we get there before markets roll over toward 1950 level ( 1964 $SPX).
Short term keep an eye here on SPX 2123.47 and the ES-mini 2120.35. Some resistance could be coming into play at these Fibonacci zones in the coming days. Further out and higher up keep an eye on the $SPX 2144.67 for a test of a very hard resistance area. This is potentially an area that we will move up to as long as 2114 can hold as support. However, it will be a huge hurdle for the markets to cross above 2144.67 without any pause or pullback, but that will be analyzed when the time comes. For now all smiles and push to 2144.67 should be path of least resistance.