S&P 500 21/03/17
S&P didn't have a great day yesterday.....but it has recovered somewhat overnight...We again have to use this 2375/73 area for direction... we fail to hold above that and once more the market will look under pressure....Now we know we are see our technical indicators turn lower...so what we need to do now is wait and see if this afternoon the cash guys can actually make the effort to keep us buoyant or we will sink...I don't think this is a sideways move.. Its one or the other...It is poised to move...it does have that feel about it...I still will not be too worried about buying dips as long as that 2361 support can hold....we lose 2355 and I believe that the sellers will be back with a vengeance plotting their revenge on the buyers who have basically had it all their own way for a long tie now...
The DJI held on by its fingers tips yesterday ..didn't close great.. We are slightly higher pre open ..but only just.. The key level on that is 20825..we lose that ...especially on a close basis and we are going quite a bit lower with 20611 then targeted...we really need to clear 20985 to make this look a little stronger and challenge the 21169 highs...The daily charts look positive from the stochastic. But weeklies negative...and the price isn't really reflecting the stochastic...so we go with the price...
Nas has Double Topped...we are selling this today as the price is diverging from the indicators therefore a bearish signal...........the weekly charts have been seriously overbought all year and we have to really do something soon to take out 5430 because if we fail we are going to see 5360 first with more potential for 5295...So we really are at quite critical levels in the US markets...and they need to move to the upside...and fast....to take off this imminent downside pressure...Our sell will be when Cash opens and if it is below 5430...stops will then be quite tight at 5450.....
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