Stock chart patterns and technical analysis (TA) explained simply. Disclaimer: This blog and all its contents are for educational and entertainment purposes only. Do not trade or invest based on any information seen on this blog. Please read Terms of Service. The K E Stone blog sites (Keybot the Quant) are blacklisted by Google, so enjoy the ad-free experience, and only use the Donate button when supporting the sites.
Tuesday, July 19, 2011
SPX Daily Chart Fibonacci Retracements Gaps
Chart illustrates some of the Wake Up commentary. See how price came dow to touch that 1297 gap and test the 62% Fib? Watch the 20 and 50 day MA cross. The 20 is under the 50 now which is bearish. This level of 1311-1312 for the 20 and 50 MA's will serve as overhead resistance. Price moving above here is very bullish. There are two gaps above, one at 1344 and the other at 1360 which require filing some day forward. The lower gaps will be revisited in the days and weeks ahead as well; 1297, 1280, 1268. Watch the 50% levels for the RSI, stochastics and money flow since these are tools to tell you if the bulls or bears are winning. At this juncture, all three are under 50% favoring market bears.
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