Here's a look at the indexes (in ETF form) over the past 14-days on a 60-minute time frame. All displaying great examples of Fibonacci Retracement levels and Extensions.
The
SPY, a very nice example of a corrective A-B-C wave pattern (though A-B-C on the chart weren't meant as Elliot Wave labels). Direct overhead resistance with the 38.2% retracement (measured off of the 2/3 swing high to 2/5 swing low) which is also the previous support from 1/29 (Support-turned-Resistance?).
Q's showing the 1-2-3 momentum push. Very upward to sideways-sloping consolidation cycles, compared to the others, I wonder what that says about the participants trading it? (
btw, the labels 1-2-3-4-5 are not meant to be Elliot Wave counts). Confluence of Resistance at the $43.30 area where 61.8% and -27.2% meet up.
DIA, yet to really "bounce"!? First move would bring it at least to a 38.2% retracement measured off of the 2/3 swing high to 2/5 swing low.
and
IWM, looks like just a dumping of shares (ditto DIA) these past 3 days. Watching to see how well it handles overhead resistance at 38.2%, and previous support (turned resistance?) at the 50% retracement
The last time this correlation crossed was July 15, 2009 (crazy if it crosses the other way a year to the day). A few days after this cross we got higher highs on the S&P
Wednesday is the last day of the month, how will that effect the markets until then?
OK, this isn't exactly a Bearish Meeting Lines pattern in BA, but comes within a few cents:
Nice example of Support-turned-Resistance looking at the weekly chart:
A Bearish Hanging Man in GS:
Not very glamorous, but a Bearish Engulfing pattern on the XLI:
Bearish Dark Cloud Cover IYT:
Q's showing the 1-2-3 momentum push. Very upward to sideways-sloping consolidation cycles, compared to the others, I wonder what that says about the participants trading it? (btw, the labels 1-2-3-4-5 are not meant to be Elliot Wave counts). Confluence of Resistance at the $43.30 area where 61.8% and -27.2% meet up.
DIA, yet to really "bounce"!? First move would bring it at least to a 38.2% retracement measured off of the 2/3 swing high to 2/5 swing low.
and IWM, looks like just a dumping of shares (ditto DIA) these past 3 days. Watching to see how well it handles overhead resistance at 38.2%, and previous support (turned resistance?) at the 50% retracement
