The following market recap is from my newsletter for the week ending 4/13: "This past week saw
prices come off further after establishing a bearish engulfing pattern on
4/5. The market closed below its 20 DMA
on Tuesday and it has served as upside resistance the past 2 days. We haven't closed below the 20 DMA for more
than one day since December, so this is something to watch. We did find support at the MS1 @ 5351.42. That level along with the 50 DMA are the next
downside obstacles to overcome." This week has continued to see resistance @ the 10 and 20 DMA's and could be forming a head and shoulders top pattern. The head of the pattern was formed with a bearish engulfing pattern that lead to a short entry @ 5408.75 with stops @ 5481.50. The pattern itself is forming in the top of my MM Fade Zone, which is calling for a reversal. If prices break through the pattern neckline tomorrow, then we would need a close below 5354.25 for confirmation. Stops would be placed @ 5431.00. Target 1 would be @ 5245.00 and target 2 would be @ 5208.50. In addition, another short entry could be placed at my 361/461 Fib combo @ 5344.50 with stops @ 5481.50. The downside target on this entry would tentatively be @ 5065.50.
Wednesday, April 19, 2017
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