UPstocks - Trading the charts!

SPDR S&P 500 (SPY)

The SPY could be forming an ascending triangle  which in case it breaks the 189 it could make an upward movement to the 196 level, in the other hand breaking the 50 SMA would indicate that a  test of the 150 SMA (181.63) is probable. 

iShares Russell 2000 (IWM) (DAILY)

The daily chart of the IWM is still making lower highs which is bearish and indicates that distribution is taking place since 21/3/2014 ,the price did break the 200 SMA and  tested it and now it trending under it which is another bearish signal , I did say in my last report that if the IWM breaks the 110 I would be expecting a sell to the 101 level however I corrected myself on Friday's report as I said I want to see a break of the 108.46 level which would signal that selling pressure would take the IWM to the 100 level.
 for next week I'm expecting that the index would bounce to test  the 150 SMA (112.93), to that to happen it needs first to break the downward trend line as the chart shows above. 

  

 (WEEKLY)

On the weekly we could notice Head&Shoulder pattern which has the same characteristic as the descending triangle pattern that I stressed above. 

  

PowerShares QQQ (QQQ)

In the last report I was expecting a test of the 85.5 level which exactly what happened, for next week I'm expecting a test of the 100 SMA (88 +-) as it could have found support on the 150 SMA . 

Dow Jones Industrial Average (^DJI) (Monthly)

 I found interesting that the DJI did break the trend line that connects the highs of 2000 and 2007 which could mean more upward movement is yet to come.

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