- SPY is trading above the resistance line in daily chart as shown in the first chart. Now if this is not a fake breakout the index should target 113.
- The second chart shows the fib retrace levels of the index in daily chart from 122 - 101 levels. Currently the index is trading near 50% retrace level. If SPY start trading above 50% levels the first target is the recent high at 113.
- ASCENDING TRIANGLE OF S&P 500
DAILY CHART
WEEKLY CHART
WEEKLY LINE CHART
- S&P 500 has closed above its 20 and 50 DMA. The index is approaching its 200 DMA.
- The weekly chart also has the negative cross of 20 week going below 50 week.
- But in the short term this may not be effective since the index has closed above 50 week moving average we may get a small rally from here.
- If the pattern in the weekly line chart performs to potential the small rally can become big. The pattern comes with huge upside potentials.
- ASCENDING TRIANGLE OF S&P 500
- Nasdaq 100 futures is trading near an important resistance line.
- RSI is also approaching 62 levels from were correction started in the recent past.
- One should wait for one or two negative candles to appear for going short with a small stop loss. Here risk reward ratio is favouring a short sell.
- If a breakout happens RSI should also go above 62 which can take the index above 1950 atleast.
- ASCENDING TRIANGLE OF S&P 500
