Trading Environment:
-SPX 500 range bound_currently reach out to *1330 resistance
-New Lows: 10 - below danger 26-zone - below panic zone 50 (+)
-SPX 500 in Up-condition_ C-RSI 30 +7.78 strength
-Long Term Trending Fed- and Foreign net-Liquidity Inflows 'uptick' in high expansion territory
-Leadership stock ratio: +0.97 bullish advantage
-VIX 19.82 (current market stress level: 20) _ D/Vol sideways _ New Lows 10
Confirming weakness:
-C-RSI 9 below C-RSI 30
-institutions undecided in/out of accumulation/distribution-U.S. Dollar holding major support
-the Saudi 'Day of Rage' proposed at March 11 -a potential negative spike event ahead-
USD -test _ March 11 Saudi 'Day of Rage' to be resolved this week
Today's Session:
...the SPX 500 recovered quickly from intraday Low *1312, but so far trades little changed from yesterday. The index appears range bound within the triangles *1303/*1332 parameter (the March 2 Low *1303_the Mar 3 Peak *1332)
...failing again at resistance would add another layer of risk for a repeated sell-off with margins to the downside increasing to include lower channel support current *1296 in the dly. 6-mth. frame_the January 31 High *1287
...while institutions are sitting on the fence, ready to jump either way, the market will have to do with range bound until resolved
Kind Regards
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