UPstocks - Trading the charts!

Technical anylsis of the SPY , QQQ , IWM


SPDR S&P 500 (SPY) -
 Weekly

  

In my last report I was expecting a pullback in the spy as I said " the price is trending outside of the bollinger band far away from the 13 sma which might indicate of potential pullback in the upcoming days "

the SPY ended the week lower forming a bearish harami which could indicate of more upcoming downward movement.

I'll be watching the 193.11 level as If it breaks the spy could test  the 190.28 level.

SPDR S&P 500 (SPY)
-Daily

On the daily chart we can notice that the spy broke an upward trend-line and the channel that was trending in as it could be forming an descending triangle which IN CASE it breaks the 193.11 it has also a target of 192.28 however breaking the red-trend line would cancel this pattern.

PowerShares QQQ (QQQ)

 -Weekly

 In my last report I was expecting a pullback in the QQQ as I said "the price is trending outside of the bollinger band long away of the 13 sma which might indicate of potential small pullback "

Also the QQQ end the week lower forming a bearish harami which could indicate of more upcoming downward movement.

I'll Be watching the 91.25 level which In case it breaks The QQQ could pull back to test the 90.56 level. 

PowerShares QQQ (QQQ)

 - Daily

the daily chart of the QQQ shows that the price broke the channel is it was trending in which could indicate to two possibilities.

1- the price will consolidate here as far as it holds the 91.25.

2-pullback to test 90.56 in case it breaks 91.25

In a Positive note the price is still finding support at the 13 sma (Aqua blue average) as the chart shows above.  

iShares Russell 2000 (IWM) - 
weekly

The weekly chart of the IWM shows a bearish candle stick with a distribution tail which was formed after hitting a resistance at 117.21 , however the price is still trending in its upward channel as the chart shows above. 

The IWM may test the 114.10 which in case in case it holds the upward movement that started on 5/16 would continue however in case it will be broken , I'll make an update to give new targets and possibilities of price action for  the IWM.  (possible H&S that everybody is talking about )

Accumulated ETFS:

I showed you the YINN as an accumulated ETF back in 15/5 

Direxion Daily China Bull 3X Shares (YINN)

my indicators are noticing accumulation of the ETF  as it broke the downward trend-line and it may start finding support on the green trend line.  

now after a month I'm still noticing accumulation of the ETF  (Direxion Daily China Bull 3X Shares).

Technically the chart managed to break the 150 SMA and a resistance at 26.23 , Now if this support (26.23)holds I'm expecting the ETF to test the 36.06 level. 

Other accumulated ETFS

ERX  (Direxion Daily Energy Bull 3X Shares )

USLV -AGQ -NUGT-GDX  Long Silver/Gold  - The etf/etn are still in a downward trend line under the 150 SMA however it may indicate that next week silver/gold miners would experience bullish price action   (Watching) 

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