The bears keep looking to push lower however the bulls aren’t giving up the battle. Keystone’s preceding H&S chart gets a lot of interest on the web so let’s take a closer go through the head and shoulders chart design with a 2-hour chart. Those lines appear to be spaghetti.
The neckline failed today but price retrieved due to the positive divergence (green lines) and oversold stock’s. Today is a textbook back kiss of the neckline of the textbook H&S pattern The move. Tomorrow morning hours Price must make a bounce of pass away decision from 2040. The SPX violated the low standard deviation band so a move back again to the middle band at 2051 is on the table as well as the upper band at 2074 (pink).
The downward-sloping channel (crimson) clearly shows a pattern of lower lows and lower highs a bearish indication. Considering the possible d, oversold conditions, lower band bottom level, and violation route trend series support, the bulls likely have the advantage in the hours ahead. The entire moon peaks on Saturday and stocks are typically bullish moving through the full moon another plus for bulls.
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OpEx is tomorrow so volume will be robust after the starting bell and before the closing bell adding to the excitement. Remember that price didn’t drop to oversold conditions for the RSI and money stream. Typically, when the price eventually washes out sooner or later in the foreseeable future you will see the RSI and money flow print very low into the oversold zone. Keybot the Quant trading algorithm remains on the brief side and it is tracking SOX 649.27 (semiconductors) and XLF 22.79 (banking institutions) as both key motorists of the currency market’s direction currently.
The market bulls need SOX above 649.27. The bears need XLF under 22.79. If the position quo remains with bearish chips and bullish banking institutions, in to the weekend the stock market will float along sideways with an upwards bias. The strongest price support/resistance levels are; 2071, 2067, 2061, 2057, 2046, 2040, 2032, 2022-2023, 2019, 2011, 2002 and 1997. The 20-day MA is 2067. The 50-day MA is 2059. The 12-month MA is 2025 (a crucial cyclical market signal). What does all this mumbo-jumbo mean? Boiling things right down to a simple level for Keystone’s simple mind, if the SPX heads lower from 2040 and if the XLF manages to lose 22.79, shares will maintain huge trouble with lots more downside ahead.
At that time, watch the SPX 2025 level a significant series in the fine sand where market mayhem and carnage would begin. The SPX will probably target the 1997-2002 landing zone if 2025 fails and then the price would continue lower to the 1969 H&S target as time moves along. If stocks sell off but the XLF will not go under 22.79, then bears got nothing and stocks and shares will recover and rally. If stocks move above 2040 heading higher, however the SOX will not go above 649.27, the bulls got stocks and nothing at all will invert and mind lower intraday.