- IWM Daily chart shows price taking support at the rising trend line.
- Daily chart also shows crucial support zone at 94.14 - 94.96 and rising 100 Day SMA may also act as support.
- Weekly chart shows MACD Bearish cross but price does not give follow up by closing below 20 Week SMA.
- More weakness only on a daily close below 100 Day SMA and a weekly close below 20 Week SMA.
- S&P 500 WEEKEND UPDATE
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- QQQ Weekly chart is trying to hold above 20 Week SMA. Bears need a break below 20 Week SMA and the up trend line shown in last chart for a bigger fall to happen.
- Daily chart too is getting support at 100 Day SMA. This line has acted as crucial support in the recent past, So a breakdown below this level on closing basis will strengthen bears further.
- Daily chart suggest the bounce from 100 SMA may continue for sometime before the selling resumes again.
- S&P 500 WEEKEND UPDATE
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- Weekly chart of SPX has given a MACD bearish cross after a long wait. Price has also managed to close the week below the rising support line. This combination has given 2 or 3 weeks of correction in the recent past.
- Daily chart shows price managed to stay above 100 Day SMA. For the weekly view to work in favor of bears price must close below 100 Day SMA.
- Strength above 1598 and bullish above 1620 - 1625 level. Weakness below 100 Day SMA.
- Apple daily chart shows price violating crucial support at 418 levels. Now bears need a daily close below this level to target the next support level at 385.
- Week and Monthly charts shows confluence of support near 385 - 390 levels. Weekly chart has the 200 week SMA and Month chart has the 50% retrace level at this area.
- ES CHART ANALYSIS
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