domenica 18 maggio 2014

SPDR S&P 500 (SPY)


The monthly chart of the SPY is still looking bullish as it's forming higher lowers, the last candle could be forming as a bearish doji however nothing is confirmed yet , in matter of fact as long as the SPY respects the green trend line there is no reason to be bearish on the SPY. 


The Weekly chart of the SPY is not showing clear direction , in matter of fact it formed three  spinning top candlesticks which could interpreted as  bearish  , in the other hand it is respecting the 13-weekly  moving average,   as i said in the last week we could be forming an ascending triangle with 196 target.

Daily :

The daily chart of the spy is also showing a mix bag while we had bearish doji 5/13 , on friday it formed a bullish harami candlestick , the levels that i'll be watching next week  the 186.1- 186.78 which i would like to see acting as support IF not downward movement is expected.

I'm lining more to be bullish on the spy for the next week.

PowerShares QQQ (QQQ)


The monthly chart of the QQQ is showing a Doji which represents indecision after a long bull run which could warn of an upcoming trend change, however the Monthly QQQ is sill above the 13 sma and the green trend line, 


The weekly QQQ is showing an interesting ascending triangle, in case it breaks the green trend line I'm expecting a test of  the 90.48 level, in the other hand breaking the red trend line more downward movement is expected. I give more probability that it will break the green trend-line.

.Daily :

 The daily chart could be telling a bullish story as the 150 sma is holding and acting as an accumulation level, we did form a bullish harami on Friday.
Breaking the 88.47 level and I would be expecting a test of the 90.48 , in the other hand losing the 150 sma would mean more downward movement is expected.

iShares Russell 2000 (IWM)

The daily chart of the IWM is showing clear bearish structure of lower highs and lower lows and if the IWM closes under 108.48 i'll be expecting a sell off to the 100.48 level.  that being said it formed a bottoming tails in the last two sessions which could mean the IWM  could test the 111.78 level text week.

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