Last week saw a low of sp'2080.03, a break under that level today would result in a weekly bearish engulfing candle, and that in itself would be highly suggestive of lower levels next week. The 200dma will be at 2065 next Monday.. and that is now the next target.
*I am trying to focus on the trends, rather than get lost in any of the minor chop/waves these past few days.
So.. lets see if we see 2079s.... that would most certainly be VERY suggestive of 2070/65 next Monday... and would equate in the low end of the VIX gap zone...around 15.30.
A LOT of dynamic movers right now...
RIG/SDRL, both lower by around -5%
Miners, FCX -10%... absolutely being destroyed.
GDX -2.8%... despite Gold being back to u/c
Just consider that AMZN is now around 10% below the opening high...
Bull maniacs.. beware the black-fail candle. They are not to be dismissed lightly.
2.06pm... Dow, weekly
A break under 17500 would be a major problem. Considering the daily momentum rate of turn... that does look probable.
Things are getting interesting!
2.17pm.. BEARISH engulfing weekly candle on the sp'500...
Bodes for trouble next Monday.
VIX seemingly headed for the 15s....possibly by the close.
2.21pm. Serious technical damage being done now... if Dow loses 17500... then empty air to 17000... aka... sp'2000.... next week.
The loss of the double floor of sp'2044 would be a major problem for those seeking new highs into August...
2.36pm... Are we getting a little excited yet? Eyes on those trends on the bigger weekly cycles... they are looking a bit of a mess.
notable weakness: AA -2.6% @ $9.70.... on its way to the 8s.. or worse.