SPDR S&P 500 (SPY) (daily)
the daily chart tells a bearish story as on Wednesday the SPY made a Doji candlestick which followed by a a gravestone/spinning top candle , Daily RSI is signaling an overbought condition .
during the next week I'll be watching the 189.14 as IF it could close above it probably it will continue up trending otherwise breaking the 187.75 which is the level that i was watching also on Friday as in case it breaks , it would trigger a downward movement that it could test the 181 level once again.
PowerShares QQQ (QQQ) (monthly)
the monthly chart as I said last week look bearish as the Parabolic sar gave a sell signal while the RSI making a bearish divergence.
the price is still trading above its 8 SMA .
last week the QQQ tested the Weekly 13 SMA which it couldn't break and closed under it.
Looking at the price action from Elliot wave standpoint we can notice a wave one which subdivides to 5 waves in the downside which started from 91.35 and ended at 83.28 which followed by a corrected wave , the second wave which subdivided to three wave and ended at 88.5 which is 61.8% of wave 1. The third wave would be triggered only if it breaks 83.28.
** I don't use Elliot wave theory to try to predict future swings however I like to use it to explain market behavior and to understand the division of the waves (3 or 5)
the daily chart is showing a close under the down trend-line while it made a bearish cross engulfing candle which IF we get a conformation on Monday it may trigger a downward movement that can test 85.5 once again .
iShares Russell 2000 (IWM) (daily)
the daily chart of the IWM showing a descending triangle that In case it breaks the 110 level it could sell to the 101 level however breaking the downward trend-line which so far is respecting that pattern would be invalidated.
iShares Nasdaq Biotechnology (IBB)
SUBSCRIBE FOR REAL TIME ALERTS
The package includes
FOR FREE 7 DAYS TRAIL PLEASE SEND YOUR EMAIL TO UPSTOCKS@OUTLOOK,COM