This week's price/volume contraction pales in comparison to last week's wide range, interim bottoming formation. However, contraction precedes expansion, and after three days in a tight consolidation, I am expecting expansion very soon. Tomorrow's loaded economic calendar might propel price expansion one way or the other, or not. Watch for reaction to initial claims and CPI in
pre-market as well as, existing home sales and Philly Fed at 10:00.
From the two 60 minutes charts of the SPY (above) and the
QQQ (below), we note that the price action is constructive - basically base on base. As long as the RSI holds 40 as support, we can look forward to continued recovery - target the ambush zone 62% fib.
retracement and bearish gap resistance.
This week's price/volume contraction pales in comparison to last week's wide range, interim bottoming formation. However, contraction precedes expansion, and after three days in a tight consolidation, I am expecting expansion very soon. Tomorrow's loaded economic calendar might propel price expansion one way or the other, or not. Watch for reaction to initial claims and CPI in pre-market as well as, existing home sales and Philly Fed at 10:00.
From the two 60 minutes charts of the SPY (above) and the QQQ (below), we note that the price action is constructive - basically base on base. As long as the RSI holds 40 as support, we can look forward to continued recovery - target the ambush zone 62% fib. retracement and bearish gap resistance.
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