Forms a wide-range monthly bar in June, signals more volatility
7/4/16
SPY @ 209.92 - neutral – Forms a wide-range monthly bar in June, signals more volatility beneath key resistance
SPY staged a sharp reversal last week, rebounding from the 198.65 low (June 27, 2016) to reach 210.49 (July 1, 2016 daily high). As a result, the move formed a 6% wide-range bar for the month of June, signaling more volatility beneath the key resistance zone (2.5-year range resistance near 212.15 (June 6, 2016 YTD peak)). While the tough 213.78/212.52 2.5-year range resistance area continues to cap, it is possible to see further consolidation within the range towards 203.23 (June 28, 2016 high, gap low) than 198.65.
Only a decisive break through the 213.78/212.52 zone would complete the 2.5-year range consolidation and turn bullish on the market for new highs.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
Monthly: neutral
SPY @ 209.92 - neutral – Forms a wide-range monthly bar in June, signals more volatility beneath key resistance
SPY staged a sharp reversal last week, rebounding from the 198.65 low (June 27, 2016) to reach 210.49 (July 1, 2016 daily high). As a result, the move formed a 6% wide-range bar for the month of June, signaling more volatility beneath the key resistance zone (2.5-year range resistance near 212.15 (June 6, 2016 YTD peak)). While the tough 213.78/212.52 2.5-year range resistance area continues to cap, it is possible to see further consolidation within the range towards 203.23 (June 28, 2016 high, gap low) than 198.65.
Only a decisive break through the 213.78/212.52 zone would complete the 2.5-year range consolidation and turn bullish on the market for new highs.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
Monthly: neutral
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.