Using HeikIn Ashi candle stick study combined with the Fibonacci;
Last week on the 15 minute chart there was price rejection and a triple top was formed at the Fib 50% retracement short. The rally to the up side between June 4th - 10th seems it is in a pause now and awaiting a pull back down to the loading zone box somewhere between the 50-61.8% retracement...
The NYSE Tick Index gives us the relationship of stocks up ticking versus down ticking. The Tick is an extremely useful tool for intraday traders.
If there are 3000 stocks trading on the NYSE and 1500 trade higher from their previous price and 500 trade lower than their last price the Tick will read +1000. But wait what about the other 1000 stocks?...
It can be seen a choppy and more bearish market. Nothing to worry as this is a correction in price and it is normal for any commodity to experience such drop. At some point - which no one knows when - this will bring new investors that will push the price back again to 3000 or more sellers that will push the market to 2000.
Using Fibonacci sequence with the anchor...
Using simple Fibonacci replacements price bounced the 61.8% from the all time high and passed the 50% which means the down trend is being broken. Further more observations the pennant which indicated a slow in the trend; is broken. Based on these analysis market price will be heading to resistance 2815 to close above gaps.
The renko chart is showing well that this market is battling around the 2900. Volume is building around this price - 2900 either for a move to a new high or to retest the 2855 level.
So here we go again; levels to watch next week
From the renko chart volume is accumulating near the 2872 area while the 2880 was rejected twice already. While we are in an other correction phase; overall market is still in an uptrend unless the support area 2855 is broken.
An extremely strong uptrend last week! Many here are posting a market crash but it is going strongly in the opposite. From the renko chart there is high volume near the 2860 - a strong resistance - and market is spending a lot of time near 2680. While the 2820 region as the loading zone. Hence thanks for the power of renko chart here are the levels where the price...
last week the choppy market price action continued to play. It tested the 2800 strong support level and then quickly bounced back to the resistance level 2853. From the renko chart there is high volume near the 2853, 2840 & the 2810 areas and with the power of renko chart here are the levels where the price is expected to...
Friday's session was like, Market started the correction phase before it goes to the 3000 level. Last week the Renko chart showed us the 2860 area as a strong resistance & spend three whole days up there. In fact many doji candles were appearing near that level which is a sign of indecision. The area around 2800 is acting like the loading zone for buyers to spin...
The area around 2800 is where is market is pivoting. Although there is a bullish sentiment due to the fact that 78% of the companies topped Wall Street estimate. Market needs corrections before it goes to the 3000 level. Hence from the Renko chart I expect the market to the following levels
It seems 2800 which was resistance before is now support with a possibility that a fair price is somewhere around it. The 2840 as resistance . Hence from the Renko chart I expect the market travelling into a correction phase and to the following levels
Market structure has temporary shifted direction to a downtrend holding resistance at around 2815. It seems 2800 which was resistance before is now support & that a fair price is somewhere around it. Hence from the Renko chart I expect the market travelling to the following levels:
Market structure is in a slow uptrend holding resistance at around 2806 hence from the Renko chart I expect the market traveling to the following levels:
Last Friday's bullish rally was on low volume and price matters how much volume takes place. It consolidated and found value at 2762 as it trapped into a range in the last 4 hours of the trading day.
Presently the market structure is in a range (sideways) and hence from the Renko chart I expect the market traveling to the following levels:
Renko bar Charts help you identify clear trends, momentum and reversals. Renko Charts are so powerful they basically factor in market rotation, market structure and they build candles based on the strength of price movement.
Trend is to the downside hence, Price is making lower highs and Lower lows. We only care about volume & price.
Probably The price for S&P 500 will be trying to close the small gap that was left open on the 14th June's session and down to close the naked POC; which means prices hasn't been traded. When price is coming down it is said to be a magnet, it stops temporarily at that price level & it finds value over there