SPX tested the 6 SMA from the bottom and ended the week a little below the mid point of last week's down bar. It won't take much to turn the price bar red next week of we don't rally.
Lets look at the 195 minute chart.
We did bounce as I mentioned we might last night. However, it was pretty feeble and SPX rolled back over
before the day was over. It won't take much to turn these price bars red.
How about the 130 minute chart just for fun.
Here the price bars have turned back to red. The market closed very near the low of the day setting up a possible gap down on Mon. This rally consisted of only 1 green bar before rolling over again. That was much shorter then the last two bounces. Is that a sign sellers are getting more aggressive?
One more chart I want to show is the NDX 100 daily.
This index has clearly been a big winner this year. It often leads the rest of the market so it pays to keep a close eye on it. It is resting on its 50 DMA, will it find support or not? I guess we will find out next week.
This was option expiration week and that can skew things a bit. The market is close to starting another leg down, but it is still inside the up trending price channel shown on the 195 minute chart. Next week is likely to be interesting.
Bob
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