SPX Pattern and Trend

Nothing like the threat of a government shutdown to spark a breakout to new highs:

and to mark the end of the 5 days sideways move.

SPX Pattern and Trend

Market breadth got overbought, as expected:

which, usually, precedes a sideways/down phase.

The futures closed right at resistance:

SPX Pattern and Trend

The futures have closed within a narrow 40 point range since mid October:

A break below the range will probably be bought by dip buyers, expecting a year-end rally.

A strong up day today will result in overbought market breadth readings.

SPX Pattern and trend

The key pivot line at 2565.5 held one more time, and the index is back within the uptrend channel:

Channel support at 2578.5, key support at 2565.5
Market breadth bouncing off oversold levels:

SPY Pattern and Trend

The futures are testing the key 2565.5 level for the forth time this month:

The more this level get's tested, the weaker it gets. A break below is likely to lead to a sizable sell-off and a new down-trend. Lower support levels at 2550 and 2544.

Market breadth is hovering just above recent oversold levels:

$SPY Pattern and Trend

Day 3 of the pull-back and second inside day for the e-mini:

The Nov 9th candle identifies the key support/resistance and breakdown/breakout levels: 2565.5 and 2597 respectively.

The e-mini is showing preliminary signs that a new trend channel may be developing.

$SPY Pattern and Trend

Time-wise, the sell-off came right on cue

Despite the vicious intraday drop, the futures managed to close within the channel, leaving the uptrend still in place.

Channel support at 2582, angle support at 2572.5, trend support at 2566.

The most recent sell-offs have lasted between 1 and 3 days.

$SPY pattern and Trend

The futures continue climbing the wall of worry following the trend reversal on 08.21.17:

Channel support at 2578, resistance and breakout level at 2588, upside target at 2620/40.

$SPY Pattern and Trend

Despite weakness in the middle of last week, the futures regained the uptrend channel:

First resistance/breakout level at 2583, channel support at 2573.5