Will we going to have an uptrend in the next few weeks? We have divergences in indicators RSI and Stochastic.
However, my feeling remains bearish in the medium term. Soon, we need a fourth wave of Elliott Wave.
I expect the SPX reacts at the support of the FIBO. Possible upward trend. My first target is 1220. Year-End target: 1300-1320.
Technology Sector is testing the MA50. Possible upward trend.
After a disappointing day for the bulls (SPY -3,69), I share a more optimistic analysis. The formation of a Symmetrial triangle with a zone target, 135,10. We'll see tomorrow how the price will react to the support (5) if the support break at 121.80, the scenario will be invalidated.
The strong movement of the last days approached the resistance(14.60) and MA200, which is a normal stage of weakness watch. Today, depreciated 3.99% with the euphoria surrounding the summit of the euro seems to end, the pressure on the European debt, returns, emerging as the weakest link, Italy. How support we have a the 12.25 pts.
Apple with bearish divergence. Formation of a bearish pattern - Island reversal. In the short term we have a support in the MA 50 and the area from 355 to 360.
And next, this weekly chart we see "the big picture", the great evolution of this stock with a sell signal in 2007 and now 2011.
VIX reacts to the lower channel line of the Bollinger Bands. When it happens it rises. An observation: the value is far from the MA50. (8.17pts)
Resistance in 1220. If close above this value, the target will be 1276.
Daily Chart - Resistance 1189.9 || Major resistance 1257.9
Critical area - up or down? If today's close below the 112 is very likely that the next days will be bearish.
The price is testing a resistance 90,50 and descending trend line.
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