• SP 500 Market Analysis 6-22-15

Technical Outlook:

  • SPX spent the entire session on Friday in a slow and steady sell-off. 
  • Despite any concrete Greece deals in place, or the possibility of one, overseas markets are seeing some of its best gains of the year, while SPX is looking at a gap up towards the 2120 resistance level. 
  • With recent strong gap ups, there haven’t been many same-day gap fills. 
  • As stated already, significant resistance rests at 2120-2122 level. Break through and hold that level and SPX sets up for a push towards new all-time highs this week. 
  • Volume continues to remain well above average
  • VIX bounced again off of rising trend-line support from the July 2014 lows on Friday. This is a common theme surrounding the VIX. Resistance today at 14.15 and 15.50. 
  • T2108 remains in a pattern of lower-lows and lower-highs. Today could change that with a move over 57%. 
  • Rising support off of the March lows rests at 2081, which has held on the previous two attempts to break it. 
  • SPX 30 minute chart looks for continuation today on the double bottom confirmation from last Thursday, despite the fact that it broke below the neckline on Friday. 
  • The market doesn’t care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up. 


My Trades:

Chart for SPX:

SP 500 Market Analysis 6-22-15

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