For Real time alerts sent directly to your email Subscribe to our premium package !

SPDR S&P 500 (SPY)

On Friday, the spy continued its downward movement, as the charts shows above it’s trading in a wide channel.

I am expecting a continuation of the downward movement to the 150 SMA (179.37) , that being said I’ll be watching if at this level we will have a reversal candle stick.

 

QQQ:

   I’m quoting myself here because there is no material change, QQQ broke a symmetrical triangle which could signal  more downward movement .I'm expecting that QQQ will sell to 83.80 and then I said “Currently The QQQ is trading bellow the 100 SMA which is bearish.

 as I showed in the last update it broke a Symmetrical triangle which gives it a 83 price target, however it could be  forming Descending broadening wedge which a short-term bullish reversal. Now if we break the low of Friday the Descending broadening wedge will be invalidated and probably the price will sell to the 200 SMA.  

The weekly candle sticks are showing aggressive distribution bars as the chart shows above,
IWM tested the 13 WMA which confirm to me the selling pressure, I'm still expecting that the downward movement will continue to 107. 

For Real time alerts sent directly to your email Subscribe to our premium package !