- Points favoring Bears of SPY.
- Low volume up move shown in weekly chart.
- Price closing in on weekly resistance line.
- Bulls struggling to go pass 78.6% Fib level for the for the fall from 135 to 137
- And most importantly RSI is turning down from very overbought levels which has resulted in correction.
- Even if an up move comes that will be accompanied by negative divergence so an up move through these resistance lines is unlikely to last long.
- For Bulls They have to do a large volume breakout above the resistance line, Even then the way Daily RSI is positioned does not favor big up moves.
- IWM - WEEKLY RESISTANCE LEVELS (50 WEEK SMA AND GOLDEN RATIO)
- DOW JOES WEEKEND UPDATE
- Dow Jones made an attempt to close the week above the resistance line but got resisted and closed inside the weekly pattern.
- Daily charts have started to diverge negatively as shown with Chaikin Money Flow Indicator. But as all divergence price needs to confirm for a sell to be triggered. Closing below 20 SMA will confirm the weakness.
- Last chart also shows a possible rising wedge pattern. If 20 SMA is taken out by bears a correction towards the supporting trend line is possible. Price staying above the resistance line will negative the bearishness for a while.
- IWM - WEEKLY RESISTANCE LEVELS (50 WEEK SMA AND GOLDEN RATIO)
