Comments on: US Equity Markets Poised to Gap Into Resistance https://rightsideofthechart.com/us-equity-markets-poised-to-gap-into-resistance/ Stock Trading, Investing & Market Analysis Tue, 18 Oct 2016 14:05:08 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: rsotc https://rightsideofthechart.com/us-equity-markets-poised-to-gap-into-resistance/#comment-2735 Tue, 18 Oct 2016 14:05:08 +0000 http://rightsideofthechart.com/?p=173389#comment-2735 A couple of points to add to this post. The trend indicators on both the 60-minute & daily time frame (two separate trend indicators on each) are currently bearish on the SPY while on QQQ, my 60-minute trend indicators are bearish with the daily trend indicators still bullish (both since early July).

So far, both SPY & QQQ have failed to hold above those resistance levels, giving back a portion of today’s gaps with the small caps (IWM, faded nearly 2/3rds of the gap so far). Today could be a pivotal day in the markets: If the bulls can clearly take out & close above those R levels mentioned in this post earlier today that would certainly be bullish near-term but until & unless they can close both the SPX & NDX back above those recently broken uptrend lines, the bearish case is alive & well. Should today’s gaps get 100% faded & then some, with the SPY & QQQ closing below yesterday’s close, I would view that as very bearish & expect those flashpoint support levels to break soon thereafter (within a few trading sessions).

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