Technical analysis :
SPDR S&P 500 (SPY) (Daily)
In our last technical analysis we wrote " as far as the spy respects the 13-weekly moving average there is no reason to be bearish on the spy as we could be forming an ascending triangle with 196 target"
During this week the SPY broke above the upper trend line of the ascending triangle and it closed at 190.35 . I'm still expecting the SPY to visit the 196 level .
for the upcoming week I'm expecting the spy to test the 189.99 which it should provide support IF not the SPY could experience selling momentum .
PowerShares QQQ (QQQ) (daily)
In our last technical analysis we wrote " 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.
The daily chart could be telling a bullish story as the 150 sma is holding and acting as an accumulation level, it did form a bullish harami on Friday.
Breaking the 88.47 level and I would be expecting a test of the 90.48 .
The QQQ broke the upper trend line of the ascending triangle and closed at 89.88, I'm still expecting a test of 90.55 in the upcoming next week
iShares Russell 2000 (IWM)
In our last technical analysis we wrote "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."
The IWM formed a base near the 108.48 area and manged to break the downward trend line , however it's still trading under the 150 SMA (113.14) which could act as a resistance , in matter of fact I'm expecting a test of that level next week.
Trades (Real time alerts) (day trading)
LiveDeal, Inc. (LIVE) : Bought at 3.45 , Sold at 3.79.
Intellicheck Mobilisa, Inc. (IDN) : bought at 0.94 . sold at 1.
LONG IDEA :
the stock was mentioned in a previous posts as we were noticing accumulation of the stock while it was trading in the descending triangle since then the stock broke the lower trend line , however the stock manged to close above it during the last week, I really like this pattern ( descending triangle-broke down - back up) which could foretell of a new upcoming upward movement.
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