domenica 27 aprile 2014

SPDR S&P 500 (SPY) 

The SPY is still making higher highs as the monthly chart of the spy shows above, the long-term trend line is still acting as a support , the last candle stick resemble to “ a hanging man” candle stick which is bearish as the price is not “hugging” the Bollinger bands anymore. I would like to see the 184.66-184.44 acting as a support if not more downward movement is expected.

The weekly chart of the SPY shows heavy distribution around the 188 level; however, I still believe that IF the 184.66-186.44 holds we could easily breach the distribution area on the fourth attempt and the spy could make a new all-time high. In the other hand breaching the 13-weekly, SMA (186.44) would mean more choppiness and more downward movement.

In the last update I mentioned that If the spy breaks Wednesday’s session lows, downtrend movement should accelerate but honestly I wasn’t expecting that to happen, as the daily chart shows   above the spy still  trading above the 13,34,and the 50 SMA, as I said before I would like to see the 184.66-184.44 acting as as support if not more downward movement is expected.

PowerShares QQQ (QQQ)

 The monthly chart of the QQQ is not telling a pretty story, the price is moving away of the upper line of the Bollinger band and the parabolic SAR showing us a sell signal. IF the QQQ closes under the 85.07 level, more downward movement is expected and it would test 83.

The Weekly chart of the QQQ is showing that a lot of distribution is taking place  
I have two lines on my chart, the green line that I would like to see it to act as a support and the red line, the resistance line that I would like to see it breached.
Breaking the green line would mean a test of 83 with high probability to be broken which could lead to major correction in the QQQ.

The daily chart shows the boarding wedge that I’m showing for the couple of weeks and how the two trend lines acting as a support and as a resistance , In matter of fact on Wednesday we open little bit above the upper trend line and we started  to sell off.
On positive note, the price did close exactly on the 13 sma. 

iShares Russell 2000 (IWM)

On my previous note on the IWM, I mentioned, “since the top at 120.58 the Russel 2000 is forming a lower highs and it doesn't look anything like a simple 3 waves correction, moreover the structure of this downward movement indicating of a distribution from the "smart money".
The IWM is still making lower highs while different moving averages are making bearish crosses and we are trading in slopping channel as the chart shows above while the price closed under the 150 SMA (YIKES).
 For now, I am expecting a test of the 200 SMA.


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