SPY is in moving towards resistance (264.63 - 61.8% retracement). The higher probability is that the markets head lower as it is in a downtrend. The ideal selling zone to enter short positions would be in between 264.63 and 278.96. As markets moved significantly in the upside countertrend it is not safe to enter new long positions as of now; if you do keep your stops tight.
Oil keeps moving down reaching 19.92 as globex session opened. The crude war continues in between Saudis and Russia, both able to resist some time with prices at +/-20 USD levels; unknown how much longer but the price could go even lower to around 17 USD (price not seen since Nov 2001.
Weekly charts
Monthly charts
VIX : Up 4.54 / +7.44% at 65.54
/CL : Down -1.34
/
-5.78% at 21.84
TLT : Up 4.36 / +2.67% at 167.7
SPY Market Forecast 22.54 Short-term countertrend Pointing
a bit higher - above 20
LONG TERM DOWNTREND.
6-months Down
10-days Sideways
3-days UP
Indices
Up:
Down: DIA: -3.87% ; IWM:
-3.64% ; QQQ
: -3.44% ; SPY: -2.98%
Nasdaq Above 30MA = 4
CTXS, NLOK, GILD, ILMN
Stocks to watch on Monday
Nasdaq100 xsing
above30 = 0
Nasdaq100 xsing
below30 = 12
REGN, NFLX, NVDA, AMD, AMZN, TTWO, CSCO, JD, KLAC, XLNX, CDNS, ASML
NDX
Leaders: 8 closing higher and 95 closing
Lower
CHKP : +3.74%
; CTXS : +1.62%
; XEL : +1.49%
DJIA
Leaders: 2 closing higher and 28 closing
Lower
PG : +2.60% ; TRV : +1.30% ; WMT : -0.22%
SP500
Leaders: 73 closing higher and 431 closing
Lower
EXR : +6.89% ; AVB : +6.10% ; UDR : +6.04%
Sectors 2 sectors
closed higher led by XLU +0.54%
and XLRE +0.26% Lower = 9
0 closing above 30d. SMA and 11 closing below.
Uptrend
Sideways
Downtrend XLE , XLV , XLB , XLY , XLU , XLP , XLK , XLRE , XLF , XLI
, XLC
Breath: Weakened as Decliners led
655 to 2356 and Nasdaq
Weakened as Decliners
led 858 to 2487
MACD Crossover: 2
XEL, EBAY
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