Please enable javascript in your browser to view this site!

Snapback won't turn S&P bullish until prices get over 2785 and DJIA still vulnerable heading into next week- Friday am Technical Video and link to yesterday's webinar

Friday am Technical Video- 5 min, S&P, DJIA, Crude



Link to Thursday’s Technical Webinar-  20 min overview on S&P, TNX, DXY, Sectors, commodities, currencies and Treasuries


Despite early day bounce today, Trend won’t turn positive until S&P gets over 2785..  and bounce still susceptible to failure with particularly the DJIA likely weaker into early next week before any low at hand.  For now, DJIA trying to avoid its worst 9 day pullback since 1978 while S&P even on today’s bounce is only within 1 point of where we closed on Tuesday.  So while the range is big..  2735-45 important as support.. and 2785 resistance given the multiple days of churning this week-  Crude extending.. Dollar peaking out. Rates just fractionally higher


Early gains in US equity futures and most of Europe, Asia as early week trade tensions now giving way to US attempts to reach out to China to restart trade talks before Trump’s tariffs come into effect next month.

Positive Eurozone data on manufacturing and services data beat analysts expectations, while OPEC striking last minute output deal raising Crude this am and both WTI and Brent higher by 2.3%

DJIA striving to avoid its first 9 day loss in nearly 40 years since 1978 while this week overall for US indices will still turn in worst week since March.   But DJIA -2.8% loss much different than NASDAQs -0.62% loss which is far milder, but Tech still down -1.4% for the last 5 days.. but Materials, Industirals have both returned close to -4% or greater.. so some evidence of these sectors stabilizing is a must to have confidence about a rally into end of Quarter


S&P Hourly-  Snapback from yesterday’s decline, but despite the swings, prices are just 1 tick away from where S&P closed on Tuesday

Trends remain near-term mixed, but arguably still negative into early next week, and bounce won’t help to drive trends much higher until/unless prices can get above yesterday’s highs-2785,   So some work needs to be done.    Downside support near 2735-45 with a maximum downside area at 2709 to buy dips

image002 (1).jpg


S&P Daily chart shows the extent of most of this week’s churning and despite the huge decline in DJIA and sectors like Industrials, Materials.  Not much change for the broader S&P


image004 (2).jpg


DJIA trend has been far worse than whats seen in NASDAQ and SPX-    Despite today’s bounce its likely that DJIA goes a bit lower into early next week



WTI bouncing above last week’s highs.  A minor positive for price and today’s gains should help pave way for additional near-term bounce up to 70-71

Ability to hold gains above 70 will be key.. and minor dips should be buyable