Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Sunday, January 3, 2016

S&P Rejected By 50 Week MA

The final week of trading for the S&P disappointed many as it popped topside of its 50 week SMA but lost it by the end of the week (shown in the bottom left chart).

Friday's open was right at its 200 day SMA which shows to be firm resistance and took the S&P down through its 20 and 150 day MAs by the close (shown in the second chart of the bottom row).  Charts 3 & 4 of the bottom row show that the Fibonacci retracement levels are not in play yet.  

Looking at the large upper chart, the prominent support and resistance levels show that Monday will have to be a volatile day for it to impact a support line or resistance line.

Trade well my friends


Blog Archive