Trend Continuation
Banks will dominate the headlines again next week, with the earnings and economic calendars light. The Senate Banking Committee will hold a hearing on bank failures, with the witness list including FDIC Chairman Martin Gruenberg, Federal Reserve Vice Chairman Michael Barr, and Treasury Undersecretary Nellie Liang.
Chart: SPX daily and 15 mins
Chart: SPX 15 mins and 5 mins
From the daily chart, last Friday was a very positive sign of holding up and without further more Marco economic data effects it will likely trade up to 4110ish in the next couple of days. From 15 mins and 5 mins, it's a little bit extended from its MAs and also touched its trend line resistance, if the market opens high this morning, it will likely go back to 8 EMA (3950ish) to find its major short term support, and go from there.
Please feel free to express your ideas and thoughts in the comment section.
Chart: SPX daily and 15 mins
Chart: SPX 15 mins and 5 mins
From the daily chart, last Friday was a very positive sign of holding up and without further more Marco economic data effects it will likely trade up to 4110ish in the next couple of days. From 15 mins and 5 mins, it's a little bit extended from its MAs and also touched its trend line resistance, if the market opens high this morning, it will likely go back to 8 EMA (3950ish) to find its major short term support, and go from there.
Please feel free to express your ideas and thoughts in the comment section.
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