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
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.