White lines - Support or bearish targets
Purple line -50sma
Blue line -100Sma
Looks we'll be testing the 50sma next week. That 453 support also aligns up on The RSI, if you throw a horizontal line at 40 on your RSI you'll notices support in that area, that support was bounces of the 50sma. I think we'll bounce there TEMPORARILY, Already the Dow Jones and Russell 2000 are both outside their bollingerbands and if the spy gaps down and reaches its 50sma Monday it'll be outside its bollingerbands too. If we do fall through 453 the next Support would be 100sma at 447. There's a gap at 447.55 so I wouldn't be suprised if it got there and technical bounce back u up to 453. Long term , I think we had back all the way to 435 and close that gap down there but let's see
Its reported cases of this new virus already in Europe and Hongkong I'd like to see how their markets react. Any new travel restrictions will weigh on reopening stocks (Financials,smallcaps,Travel).. NDX is showing a head and shoulder so I wouldn't expect much help from tech .
Nonetheless as a day trader is good to know when to cover on your shorts and pivot for bounce. Just watch that bollingerband.
Purple line -50sma
Blue line -100Sma
Looks we'll be testing the 50sma next week. That 453 support also aligns up on The RSI, if you throw a horizontal line at 40 on your RSI you'll notices support in that area, that support was bounces of the 50sma. I think we'll bounce there TEMPORARILY, Already the Dow Jones and Russell 2000 are both outside their bollingerbands and if the spy gaps down and reaches its 50sma Monday it'll be outside its bollingerbands too. If we do fall through 453 the next Support would be 100sma at 447. There's a gap at 447.55 so I wouldn't be suprised if it got there and technical bounce back u up to 453. Long term , I think we had back all the way to 435 and close that gap down there but let's see
Its reported cases of this new virus already in Europe and Hongkong I'd like to see how their markets react. Any new travel restrictions will weigh on reopening stocks (Financials,smallcaps,Travel).. NDX is showing a head and shoulder so I wouldn't expect much help from tech .
Nonetheless as a day trader is good to know when to cover on your shorts and pivot for bounce. Just watch that bollingerband.
