relief rally Archives - Page 134 of 136

SPY Moved Closer

January 8, 2019 by Rick Saddler

The SPY moved closer to the $258.00 resistance area yesterday on bullish follow-through from the Bullish J-Hook continuation pattern drawn yesterday. We have moved our Bull/Bear line from $248.450 to $250.10. A close above $250.10 we will consider bullish. A close above $258.00 could draw in buyers to challenge $263.75. Keep in mind above $258.00 puts price action in a dangerous area.

VIX–X Chart – Extended it’s downtrend yesterday closing below its 50-SMA, we have seen support approaching, and a bounce could be near. The government shut down, and China will play a big part in how the VIX acts.

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SPY forming a Bullish J-Hook

January 7, 2019 by Rick Saddler

The SPY is forming a Bullish J-Hook pattern off what could be a reversal bottom. With bullish follow-through from the close on Friday. Price action will start to feel resistance in the $258.00 area or the 34-EMA. Any close above $248.40 we will consider Bullish, and a challenge of $258.00 – $259.00 is probable.
VIX–X Chart – Closed last week with a Shooting Star candle signal giving the bullish in the broader market a chance to recoup bullish profits. With selling follow through the 50-SMA could be in for a test.

VIX–X Chart – Closed last week with a Shooting Star candle signal giving the bullish in the broader market a chance to recoup bullish profits. With selling follow through the 50-SMA could be in for a test.

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VIX Closed With A Doji

January 4, 2019 by Rick Saddler

The COBE Market Volatility Index “VIX” closed with a Doji on the 34-EMA yesterday and with the previous day’s candle, we have a Bearish Doji Continuation Pattern. With a close below the 34-SMA and follow-through price action may want to test the $20.40 area or the 34-EMA on the 3-day chart.

On the daily SPY chart, you can see the relief rally from the Bullish Morning Start in late December, a nice rally until a little resistance. As of yesterdays close the last four candles have been a bullish pullback working on a “Lower Low.”

A close today or the very near future over $252.75 would set up a “Low/High-Higher Low/ Higher High chart pattern, also called a continuation pattern. Of Course, a close below $245.25 would suggest the sellers are stronger than the buyers.