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Advance Decline Line and Advance Decline Volume Line...Analysis of SPX and ADL and ADVL, and also positive and negative correlation in 10 days period. Important to notice that in the situation when ADL up and SPX down, doesn't anticipate a drop in SPX in the correlation indicator above. Only when SPX up and ADL down that usually does but is not guarantee also.
Advance Decline Line and Advance Decline Volume Line...Analysis of SPX and ADL and ADVL, and also positive and negative correlation in 10 days period. Important to notice that in the situation when ADL up and SPX down, doesn't anticipate a drop in SPX in the correlation indicator above. Only when SPX up and ADL down that usually does but is not guarantee also.
S&P 500 down to 2300-2320?Yesterday's failed attempt to break higher generated a nasty reversal candle.
Please read more in my blog post here: chartingtrades.com
$ES_F - eMini SP500 - Daily and Weekly Review - June 23, 2017DAILY - Continued contraction with Double NR7 day. Currently holing both the 20D Mid-Range (2427) and 20DMA (2430.25). Trend is up clearly above 50/100/200 DMA's. Longterm RSI has crossed below its moving average but still flat in positive territory. From a trading perspective this Inside day of an NR7 day to make a 2xNR7 should leave you with simple breakout of range trading plan. Gravity has the most potential but a rally back to highs stays with trend.
WEEKLY - 20WkMA (2378.25) is the first big support area. This was also a NR7 Week (red bar) which in review has signaled potential shorterm tops are near. Still in a solid uptrend so without a weekly close below the 20wkMA we are still in the Buy the Dip game. As with everyone it does feel tired and vulnerable to a 5% healthy break, but at this stage we just need to keep following price action.