Done around better than expected "high tech" earnings,
from "fang" stocks like Facebook and Alphabet,
the S+P 500 "bear trapped" traders who were looking
for follow-thru on the triangle breakdown of 4100.
Buying the dip just above prior triangle support at SPX 4070,
traders have gunned price back above important prior resistance at 4134 this morning,
which technically could confirm a "capitulation bottom" this week.
Note the sharp rally in the KST Indicator, (Seen Here)
which is strongly supporting the "unexpected" sharp late week advance.
Many traders have been caught "off guard" by this rally,
which also was supported by a "Triple Top" in the VIX near 20.
Watch S+P 4134 on the close today for the week.
A close above would add additional "confirmation" of the upside reversal.
A push above 4150 could give the bulls additional "new life"
towards a "pushback" to the quite important intermediate high of SPX 4195
SPX 10 AM OPEN 4136.92
Have a safe weekend. I shall see you on Monday
THE_UNWIND
WOODS OF CONNECTICUT
from "fang" stocks like Facebook and Alphabet,
the S+P 500 "bear trapped" traders who were looking
for follow-thru on the triangle breakdown of 4100.
Buying the dip just above prior triangle support at SPX 4070,
traders have gunned price back above important prior resistance at 4134 this morning,
which technically could confirm a "capitulation bottom" this week.
Note the sharp rally in the KST Indicator, (Seen Here)
which is strongly supporting the "unexpected" sharp late week advance.
Many traders have been caught "off guard" by this rally,
which also was supported by a "Triple Top" in the VIX near 20.
Watch S+P 4134 on the close today for the week.
A close above would add additional "confirmation" of the upside reversal.
A push above 4150 could give the bulls additional "new life"
towards a "pushback" to the quite important intermediate high of SPX 4195
SPX 10 AM OPEN 4136.92
Have a safe weekend. I shall see you on Monday
THE_UNWIND
WOODS OF CONNECTICUT