Weekly time frame: SP 500 breached the support at 2040 (And the assumed neckline of the widely watched Head & Shoulder), dropped towards the 50 wma = 2024 but instead of gaining traction to the down side it recovered the 2040 support line ending the week firmer with a bottoming tail (Doji). In my opinion […]
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Monthly time frame: It has been one of the weakest equity indices during the collapse from last summer top (The trend line from the 2009 low did not hold). The decline could have been much more severe but on February after tagging the 0.382 retracement of the advance from the 2009 low it ended the […]
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Daily time frame QQQ: Following the April Island reversal, which established the end of the up leg from the February low, the initial decline has been sharp (Although not impulsive) reaching the 0.382 retracement. However since the May 6 low price had been forming a base.
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Author: Hedgopia In all five sessions last week, spot VIX got rejected at 16.50, which at the time also approximated the upper Bollinger Band. This is not any plain-vanilla resistance. It goes back two decades.