XLY pulls back from the 80.40 record high (July 24, 2015) to test the 21 day moving average currently at 78.26. Near term there is scope for further easing towards the 89 day moving average currently at 76.62 near 5-month rising channel support which may hold the correction. Back above 78.90 would stabilize. Outlook: Short term: neutral Long term: bullish
XLF fell from the 25.62 record high (July 23, 2015) to test the 55 day moving average currently at 24.84. Near term there is scope for further easing towards support levels at 24.50 then the 200 day moving average currently at 24.29 near 7-month rising wedge support which may hold the correction. Back above 25.35 would stabilize. Outlook: Short term:...
XLV fell from the 77.40 record high (July 20, 2015) to threaten 7-month rising wedge support and the 50 day moving average currently at 74.26 which is also near the 73.86 range low (July 8, 2015). While the 74.26/73.86 support zone holds the dips, that suggests the uptrend remains, offering scope for returned strength towards 76.05 (July 24, 2015 high-gap low)....
AUDUSD slumped to a new 6-year low at .7259 (July 24, 2015) testing the 2.5-month falling wedge lower bounds (as shown on the 240minute chart). Oversold conditions caution for near-term bounces. The immediate resistance zone lies at .7371/.7416/.7448 near the falling trendline from July 6’s .7532 high, which should cap. Below .7259 would resume the weakness...
IYT has staged a steady decline within a 4-month channel (from March 2015 high) towards the 142.72 low (April 8, 2015). Below would expose the 141.91 range target (as shown on the daily chart) and the 137.05 key low (October 15, 2014). The 146.35 high (July 24, 2015) should cap near-term bounces. Above 146.35 would re-focus the 149.87 resistance. Only above there...
AAPL experienced wild price action before and after its earnings reporting day (July 21, 2015). The pre-earnings run-up tested the 133.00 tough 5-month ceiling before backing off. The post-earnings sell-off pressures the 121.63 range support (as shown on the daily chart). A breakdown below the latter can not be ruled out, triggering further downside towards 119.23...
SMH extended the decline off the 60.13 peak (June 1, 2015) to breach 32-month rising trendline (from November 2012 low), suggesting scope remains for further downside. The immediate support lies at 50.40 (61.8% of 44.43/60.13 upleg) then 48.11 (76.4% of 44.43/60.13 upleg). Below there would expose the 44.43 key support (October 15, 2014 reaction low). The...
EURUSD extends the current 5-week downleg from the 1.1435 high (June 18, 2015) to test the 6-week low at 1.0818 (May 27, 2015). Technical indicators remain weak, signaling further downside. A breakdown below the latter would risk 1.0665 (April 23, 2015 low) next. The 1.0906 and 1.0961 (near 38.2% of the 1.1215/1.0819 fall) resistance zone should cap bounces. Only...
AMZN surged from the 285.25 YTD low (January 12, 2015) through the 408.06 2014 peak to post a new record high at 493.20 Monday (July 20, 2015), a 73% YTD return. Overbought technical indicators suggest caution for pullbacks. Further gains would open the 525.09 then 532.12 projection targets (as shown on the weekly chart). The near-term support lies at 447.54 (July...
AAPL surged from the 119.23 low (July 9, 2015) back above the strong 4-month range support at 121.23 (from March 12, 2015 low, near 50% of the 104.63/134.54 rise, and the 200 day moving average) to suggest a false break and extend a V-shape recovery towards 130.18. Above would focus the 133.00/134.54 key resistance area for a retest. 127.35 provides immediate...
BABA recovered strongly from the 76.21 YTD low (July 7, 2015) above an 8-week falling trendline (from May 22, 2015 high) to suggest basing and trigger further gains towards 86.34 (June 23, 2015 high) which is near the 9-month falling wedge resistance (from November 13, 2014 peak). A decisive push through there would confirm a wedge breakout and bolster higher for...
GBPCAD surged to a new 7-year high at 2.0321 Friday (July 17, 2015), retracing over 61.8% of the 2.3564/1.4829 (2007/2010) fall The overbought technical indicators suggest caution for pullbacks. The support levels including 1.9890 and 1.9664 which house a 2.5-month rising trendline (from May 6, 2015 low) should hold dips. Further strength would target 2.0538 then...
NZDUSD slumped to a new 6-year low at .6497 Thursday (July 16, 2015), testing a 3-month falling channel (as shown on the 240minute chart). While the .6667/.6741/.6770 zone near the channel resistance continues to cap bounces, scope remains for further downside to expose the .6388 area (the 61.8% retracement of the .4890/.8835 2009/2014 upswing). However, if NZD...
AUDUSD slumped to a new 6-year low at .7349 Thursday (July 16, 2015) while forming a 1-week falling channel (as shown on the 240minute chart). While the .7460/.7457/.7495 zone near the channel resistance continues to cap bounces, scope remains for further downside through .7349 to expose the .7209 area (the 76.4% retracement of the .6005/1.1079 2008/2011...
FXI rebounded strongly after the sharp fall reached a new year-to-date low at 38.88 (July 8, 2015 low) to suggest stabilization near-term and could begin a range-bound type of price action between 44.33 (July 6, 2015 high) and 38.88. However, if bulls are able to reclaim the 44.33 resistance area quickly, that would improve the outlook further towards 46.34....
SPY rebounded off the 204.11 five-month low (July 7, 2015, near the 200 day moving average) above the 207.98 range high (July 10, 2015) to form a swing low at the former and offer scope for further strength towards 211.25 near the 76.4% retracement of the 213.34/204.11 fall. Above there would open the key 213.34/213.78 resistance zone (as shown on the weekly...
INTC may be forming a head-&-shoulders top (as shown on the weekly chart). It is currently testing the 29.65/29.31 shoulders support line and reached a 29.09 low (July 8, 2015). A decisive breakdown here would complete a head-&-shoulders top and risk a deeper setback towards the 20.84 area (H&S target). However, if the 29.09/29.31/29.65 area manage to contain...
If broken, it will have further downside.