Tuesday, November 24, 2015

SPX S&P 500 2-Hour Chart

Here is the SPX 2-hour rolling over as was forecasted from last Friday morning. Price prints matching highs for four candlesticks (red line) and indicators go neggie d so price is spanked lower. The indicators are weak and bleak and the negative MACD cross occurs so the chart would need at least 2 to 4 candlesticks to produce positive divergence to turn the ship higher again; this is about 4 to 8 hours trading time which is all day today into tomorrow.

Of course events can always send charts violently one way or the other at any time. This morning, Turkey shoots down a Russian jet over Syria which escalates the mess in the Middle East creating a sour mood in markets. For the rally move from 2020 up to 2096, the first Fibonacci retracement at 38% is 2067.

Reference the prior SPX S/R missive for price support levels. Price is at 2078. LOD 2076.55. November began at 2079.36 and determines whether the month ends negative or positive on Monday, 11/30/15. Resistance above is 2079-2081, 2084 and 2091-2093. Support below is 2075, 2071 and 2065-2067. The 20-day MA is 2080. The 200-day MA is 2065. The 50-week MA is 2063. The 2063-2067 area may serve as a magnet for price. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

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