Post by
drbob512 on Jun 26, 2020 4:31pm
OT: T.A. for S&P500 Fri
Index closed at 3009, down 74 pts as the week ended very weak. Parabolic SAR is at 2965, positive for now, while 1st support @3000 (psychological) is likely to break early next wk, then 2nd support @ 2960, 3rd support is 2860 which is the bulls' line in the sand. ST the bears have more control while IT the bears need to prove themselves as bulls still control the IT. The recent weakness was expected as the mkt was extended to the upside so the question is whether the bulls will buy this correction after more down days. Or if huge profit taking & shorts will turn the mkt to the favor of bears. As long as tech & hyper growth stocks (e.g. LVGO ZM FSLY DDOG) keep their uptrends intact, for leadership & relative strength, the bull mkt will very likely remain intact. Daily slow stochastic for SPY is starting to get oversold @ 31% but it could get more oversold or stay oversold for some time. Next wk (4 sessions) should prove interesting & may signal the next trend.