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Today's Trackdown: Monday - Sept. 23, 2019

  • Brief Recap and Updates on the Markets
  • SPY Charts and some Technical Analysis

In Friday's action:    Sept. 20, 2019

Dow 26935.07 -159.72 (-0.59%)
Nasdaq 8117.67 -65.20 (-0.80%)
SP 500 2992.11 -14.68 (-0.49%)

Stocks ended the week lower after a midday drop blamed on the Chinese trade delegation cancelling plans for a visit to Montana. The S&P 500 lost 14 points on the selling.


News to keep in mind Monday morning:

  • Futures trade vs fair value were higher late last night... Dow +90, S&P +9, Nasdaq +30, Russell +6.
  • The biggest factors in the market right now are; Global Economy, China trade talks, Fed speak, and the US Treasury markets.
  • Keep an eye on the VIX - The CBOE Volatility Index is still in the mid-teens. This is a level at which usually means we are in a risk on environment.
  • CHINA TRADE WAR is still an ongoing drama!

Today's Economic Calendar:

8:30 am Chicago Fed national activity Aug.
9:45 am Markit manufacturing PMI (flash) Sept.
9:45 am Markit services PMI (flash) Sept.


THE CHARTS:

(NOTE: Charts are a good guide but when a tweet or news item can jerk the markets around, they mean a bit less.)

The markets ended lower on Friday, this changed the charts slightly.

We are just under the resistance level of SPY 300. This week will start under the influence of any China trade news. We would be taking some profits (on a case by case basis depending on your own risk tolerance). Are going to make a new all-time highs later this week?

The prior resistance level we had at 294 is now support, with 300 as the resistance level for now. The only other official resistance above us right now is at the all-time highs near 302.

Positive technical note: The 20-day MA is crossed up over the 50-day. (Bullish signal).

Possible negative technical note: There is a possibility of a double top at 302 showing. (Bearish signal).

The MACD is positive. The Stochastics are neutral. The Money Flow is positive. We are above the 50-day MA.

The 50-day MA (293.64)(+.--) and the 200-day MA (279.53)(+.--)

On the 9-month chart below, the previous patterns are behind us. Shown now is the support level at 280 and the top just over the 300 level. We are in a 280/294 up to the 302 top for the trading range for now.

  • Nasdaq +22.3% YTD
  • S&P 500 +19.4% YTD
  • Russell 2000 +15.6% YTD
  • Dow Jones Industrial Average +15.5% YTD

$SPY $DIA $IWM $QQQ

Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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