Real-Time: 11h14
Ticker: US500
Following false breakout highlighted at the beginning of last week, the index has reflected increased selling pressure, with: (1) an igniting bar, (2) downside follow-through and (3) positive session opens followed by weaker closes. At current levels, the index is trading below it's 8, 21 and 50-day Exponential Moving Averages (EMA), but above the 75-day EMA. Also note that the 8 and 21-day EMA has started to turning lower, reflecting a shift to downside momentum over the short term. Probable and possible support and resistance levels are highlighted on the daily chart below.
Previous Post: 05 September
Real-Time: 14h55
Ticker: US500
Previous Post (28-Aug)
Real-Time: 12h51
Ticker: US500
On Tuesday evening (yesterday), the index was being sold aggressively, with it's biggest 1-day loss year-to-date.
The move is in line with my view on Monday (pre-market) which was guided by the Tactical Trading Guide (TTG) and which looked for a false breakout followed by a pullback (see slide below)
At current levels, the price action reading is as follows:
Previous Post (28 August)
Real-Time: 21h20 / S/African Time / U.S. Trading Session
Ticker: US500
Lester Davids
Analyst: Unum Capital
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