INDEX PREVIEW FOR THE WEEK

Last week started off with the SPX making a new all time high of 3017.8 only to close the week around the 2976 area near the weekly low of 2973.09. On the daily chart we entered into support in the 21 day moving average which I use to measure the intermediate trend. The RSI is no longer overbought and we are in support areas for buyers. Below the 2970 area there is further support – 2963.44 ( minor support) with stronger support in the 2952-6 area. That area we would be retesting the monthly low and prior all time high from 5/03/19. Below that there is an unfilled gap at 2943.98.

Last week the NDX made a new all time at 7969.79 only to sell off and close near 7834 right near the weekly low of 7827.49. The index also broke the prior all time high of 7857.09 from 7/03/19. Below there is support 7803 area – 21 day moving average, and a pivot below at 7748.23. The monthly low is at 7735.57 with an open gap at 7682.26.

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