Diary of a Financier

Chart updates: S&P and Russell

In Capital Markets on Wed 22 Oct 2014 at 15:46

Quick intraday chart updates for the S&P 500 ($SPY) and Russell 2000 ($IWM), just before the close today.Β  Basically, some 15-minute, tilted H&S bottoms are precipitating a downdraft in the broader recovery, which should bounce off a bottom before this weekend…

Russell 2000 ($IWM)

@ $109

Short term:
15min H&S bottom nearing right shoulder support ~$108 (-1%) with 1x bear divergence having just reversed down out of 3x bull divergence.

Primary:
Daily LT bull flag w $120 (+10%) flagpole resistance, but 2x bear divergence.

Longer term:
Weekly 3x bear divergence.

IWM weekly/daily/15min/1min (2014.10.22)

IWM weekly/daily/15min/1min (2014.10.22)

S&P 500 ($SPY)

@ $193

Short term:
1min H&S top breaking-down under $193 neckline support;
15-min tilted, complex H&S bottom nearing right shoulder support < $191 (-1%) with ST 1x bear divergence.

Primary:
Daily ST diamond top forming w target resistance ~$204 (+6%), but 2x bear divergence; LT bull channel recovered from bear trap.

SPY daily/15min/1min 2014.10.22

SPY daily/15min/1min 2014.10.22

–Romeo

Advertisements

Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s