Technical Analysis is always tricky, sometimes the whole
scenario changes within a day, with just only a candle will portrait a whole
different view. Hence it is fluid, which justify that the market is dynamic
which is unlike the economy which is much slower.
As what we mentioned over the weekend, the pattern is
perfect setup for short seller, but this changed after the big gap up green bar
last night. It had break the resistant of the thick blue line and is back in strength
which is the scenario A as what BCF hope.
This had cancelled off the short selling setup. Let’s look
at the chart for clearer picture.
The big green bar on 18/5 had a gap up and break the resistant
on thick blue line decisively, it has to stay above the gap up to remain
bullish, or else it will cancel off the bullishness.
On the other hand, the thick blue line had turned into a
supporting point right now. Going below will not be good.
Something to notice is that DJI failed to break the
resistant on 24805 again. DJI is the only index that still yet to get back
above 61.8% Fibo retracement.
SP500
SP500 is bullish where it had a big gap up and green bar which challenge the monthly resistant on 2945 and close above it. SP500 had also closed at the highest since 24th March.
Looking at the chart, seems like it had chosen Scenario A, however, it is important for SP500 to stay above the gap to remain bullish, sealing the gap will cancel off the bullishness.
Its important for it to stay above the thick blue supporting line, or else it could turn out to be scenario C which is not good.
Nasdaq gap up as well and the interesting part is that it
gap up and break the resistant of Fibo 78.6% and close above it. Just like the
2 indices above, the gap up is an important benchmark where closing the gap
will cancel off the bullishness.
It is also worth noting that Nasdaq had hit the red resistant
line and retrace, this mean that strong selling pressure persist at this level.
This could mean that the upside of longing it now is not much.
Disclaimer: The materials shown
above is just for education purposes. No buy or sell calls are intended. Please
consult your brokers for investment decisions. The author above will not be
responsible for any trading decision and action taken by the readers.
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