Battle to start the morning. Bonus TA 101 on this.
A nice sideways day to help with this trend. We are looking for higher highs and higher lows to get out of this down trend
To start the morning we need all hands on deck! The yellow line and yellow crosses are the 100 day MA. We have bounced off of it on the daily 5 times in the past. The good news is if this breaks it will become a support. This is at approximately 28.30. 28.50 is next however I feel if we have the 100 day MA boosting us we should be able to break it. Then its a free ride to 29.15 which is our last big resistance before this bad boy can really run.
Right now we ended in a very tight channel. The light blue line is our trendline which as you can see is pretty solid as it has held 5 times in the last 2 days. The day could be won or lost first thing. You have support at today's close 27.66 and resistance at 28.00. Whoever wins this battle should decide the day and maybe even the future. Nothing else really matters SPY Futures looks good, RSI healthy on all timeframes, Bollinger Bands looking good and Mac D is as healthy as it gets.
I think the trend wins this one but be cautious first thing if we lose the 27.66 and bounce off it. $27.00 is the more than likely the next stop.
To start the morning we need all hands on deck! The yellow line and yellow crosses are the 100 day MA. We have bounced off of it on the daily 5 times in the past. The good news is if this breaks it will become a support. This is at approximately 28.30. 28.50 is next however I feel if we have the 100 day MA boosting us we should be able to break it. Then its a free ride to 29.15 which is our last big resistance before this bad boy can really run.
Right now we ended in a very tight channel. The light blue line is our trendline which as you can see is pretty solid as it has held 5 times in the last 2 days. The day could be won or lost first thing. You have support at today's close 27.66 and resistance at 28.00. Whoever wins this battle should decide the day and maybe even the future. Nothing else really matters SPY Futures looks good, RSI healthy on all timeframes, Bollinger Bands looking good and Mac D is as healthy as it gets.
I think the trend wins this one but be cautious first thing if we lose the 27.66 and bounce off it. $27.00 is the more than likely the next stop.
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