Trend Lines, Support, Resistance for 10/13
Trend lines drawn from 9/3 (28d), 9/24 bottom (14d), 10/7 (5d) and today 10/13 (1 day).
The Nasdaq took a breather from the previous days big gains. The index dropped back -0.1% with an inside day. The 30% red body shows some indecision throughout the day with a lean toward bearish in the 34% closing range. It would be better to have that closing range be at least 40% to show more bullish support. Lower volume on the index is good given the bearishness, but SPX had higher volume with a significantly bearish movement. Declining stocks outnumbered advancing stocks at a ratio of 3:2.
Continuing today's sideways move would land the index in nearly the same spot tomorrow and also join up with the longer trend from the the 9/23 bottom. Picking back up the 5 day trend would result in a +2.20% gain and a new all time high. There is likely to be more resistance as we approach that level. So I'd expect any gains to be contained within 1.5%, just under the previous all time high.
Given the indecisive Tuesday, a more severe pullback is also a possibility. Meeting back up with the trend from early September would result in a -3.67% loss where the index would find support from October trading ranges.
I'm keeping the June Support line in view, but its now almost 16% below the Tuesday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
The Nasdaq took a breather from the previous days big gains. The index dropped back -0.1% with an inside day. The 30% red body shows some indecision throughout the day with a lean toward bearish in the 34% closing range. It would be better to have that closing range be at least 40% to show more bullish support. Lower volume on the index is good given the bearishness, but SPX had higher volume with a significantly bearish movement. Declining stocks outnumbered advancing stocks at a ratio of 3:2.
Continuing today's sideways move would land the index in nearly the same spot tomorrow and also join up with the longer trend from the the 9/23 bottom. Picking back up the 5 day trend would result in a +2.20% gain and a new all time high. There is likely to be more resistance as we approach that level. So I'd expect any gains to be contained within 1.5%, just under the previous all time high.
Given the indecisive Tuesday, a more severe pullback is also a possibility. Meeting back up with the trend from early September would result in a -3.67% loss where the index would find support from October trading ranges.
I'm keeping the June Support line in view, but its now almost 16% below the Tuesday close and there are 4 key support levels that it'd have to break thru. If we have a downside reversal that takes us below 11,300, then I'll add that possibility back to the chart.
Похожие публикации
Отказ от ответственности
Все виды контента, которые вы можете увидеть на TradingView, не являются финансовыми, инвестиционными, торговыми или любыми другими рекомендациями. Мы не предоставляем советы по покупке и продаже активов. Подробнее — в Условиях использования TradingView.