7/4/16
SPY @ 209.92 - neutral – Forms a wide-range monthly bar in June, signals more volatility beneath key resistance
SPY staged a sharp reversal last week, rebounding from the 198.65 low (June 27, 2016) to reach 210.49 (July 1, 2016 daily high). As a result, the move formed a 6% wide-range bar for the month of June, signaling more volatility beneath the key resistance zone (2.5-year range resistance near 212.15 (June 6, 2016 YTD peak)). While the tough 213.78/212.52 2.5-year range resistance area continues to cap, it is possible to see further consolidation within the range towards 203.23 (June 28, 2016 high, gap low) than 198.65.
Only a decisive break through the 213.78/212.52 zone would complete the 2.5-year range consolidation and turn bullish on the market for new highs.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
Monthly: neutral
SPY @ 209.92 - neutral – Forms a wide-range monthly bar in June, signals more volatility beneath key resistance
SPY staged a sharp reversal last week, rebounding from the 198.65 low (June 27, 2016) to reach 210.49 (July 1, 2016 daily high). As a result, the move formed a 6% wide-range bar for the month of June, signaling more volatility beneath the key resistance zone (2.5-year range resistance near 212.15 (June 6, 2016 YTD peak)). While the tough 213.78/212.52 2.5-year range resistance area continues to cap, it is possible to see further consolidation within the range towards 203.23 (June 28, 2016 high, gap low) than 198.65.
Only a decisive break through the 213.78/212.52 zone would complete the 2.5-year range consolidation and turn bullish on the market for new highs.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
Monthly: neutral
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.