Here's how the Q's traded today on the 5-min chart. First off we had a "W"-bottom where a long entry would be a break above the middle apex off the W and an expected target would be solid resistance of $29.60. We got a little Head and Shoulders pattern where a measured move to the downside came shy by about 5 cents. Price was supported this time by our Daily 20-EMA (thick red horizontal line) and a rally was triggered by a solid push (and close) above that $29.60 level. R1 gave us some resistance but later became support at the end of the day.
The SPY had similar activity, with some more obvious levels of resistance and support.
Looking at the 15-minute chart; higher highs & lows are obvious as well as a bullish orientation for our moving averages. Looking to long pullbacks to the 20-EMA as price may attempt to test $31 again (and a test for support on the Daily 50-EMA).
90-minute perspective:
The U.S. Dollar index stands at a pretty critical juncture on the daily chart's perspective. A breach of this channel could encourage a rally
Looking for GLD to retrace back to it's 20- & 50-EMA territory (work off oversold levels), where it could be very meaningful if support is found.
No comments:
Post a Comment