Closing Market Comments

SPY bull trap scenario in play although additional downside next week will help firm that up along with a bearish crossover on the MACD which would confirm the potential negative divergences. Clear & impulsive follow through to yesterday's trendline break on IWM helps to reaffirm the sell signal. Min. target 112.55 with 108.50 a likely swing target while the former leading index ($NDX/QQQ) has been the lagging index recently, failing after a very feeble attempt to regain the primary downtrend line. I'll follow up with some additional comments, charts & price targets later today or more likely on Sunday evening after I've had time to do an thorough review the charts.

Have a great weekend.

-Randy Phinney

2016-06-10T16:07:14+00:00 Jun 10, 2016 4:07pm|Categories: Equity Market Analysis|Tags: , , , , , |Comments Off on Closing Market Comments