Look To Scale Sales Inside The Selling Zone

By Gary Berman of The Fibocall

Friday, August 23, 2019 9:12 AM EST

SPX-cash (Long term view)

Tested our selling zone @ 2925.05-2949.34 and closed below the falling 20 DMA @ 2922.59

with the 50 DMA @ 2947.72 inside the zone
We said “Scale sales to reduce some long exposure.”
A CLOSE above 2950 would be quite bullish
No LT signal here

S&P futures: (Short term view )
The recent swings have been QUITE sharp in both directions (While writing today’s MORNING FIBOCALL)

Our short term Selling zone @ 2902.50-2932.75 is being tested again NOW.
Trading below the declining 20 DMA @ 2916
with the rising 50 DMA @ 2950 above.
“I would scale SALES to reduce some long exposure inside the zone”
A CLOSE above the 50 DMA would be quite bullish

No LT signal here

IWM
I like owning some and adding more with a CLOSE above the 200 DMA @ 151.04
The 20 DMA @ 151.16 and our ST selling zone @ 152.01-153.72

with the 50 DMA @ 153.14 higher
I would make some sales inside the zone if given the chance

No long term signal here

CRUDE

Trading below the 50 DMA @ 56.32 , and the 200 DMA @ 56.19

after trading inside our Selling zone @ 55.73-56.96
Now, trading BELOW the 20 DMA @ 55.21
We said “I would look to scale sales inside the zone”
The 8/13 gap @ 57.10 is above
Our ST bounce zone @ 54-53.17 is VERY close to being tested today
I would look to scale buying with 53.17 holding

No long term signal here

XLF
The 200 DMA @ 26.491and our very short term bounce zone @ 26.48-26.34 was tested and held.
The falling 20 DMA @ 27.14
Our Selling zone @ 27.31-27.65 with the 50 DMA @ 27.51 inside the zone above.
I would scale sales inside the zone if given the chance
A close above 27.65 would be quite bullish
No long term signal here

QQQ

Our Selling zone @ 187.37-189.31 was tested again yesterday.
“I would scale sales inside the zone”
Poised to open below the falling 20 DMA @ 187.54 and the 50 DMA @ 188.84
A close above 189.31 would be quite bullish
Our ST bounce zone @ 184.44-183.20 is below
No long term signal here

10 year note yields

The July 2016 low @ 1.454 has not been tested yet.
Our FIRST ST bounce level @ 1.673 and a CLOSE ABOVE is needed to look for

the declining 20 DMA @ 1.724 and the falling 50 DMA @ 1.919 to be tested.

LT oversold signal remains in place

IBB
Our Selling zone @ 106.18-107.31 has been tested the past few days

with the 50 DMA @ 106.15 and the 200 DMA @ 106.62
“I would scale sales inside the zone”
The 20 DMA @ 104.91 with our ST bounce zone @ 103.99-103.38
A close above 107.31 would be quite bullish

No LT signal at this time

FIBOCRYPTOCALL- Bitcoin
Failed to clear our LT selling zone @ 11323-13256 in July and August (so far)
We had repeatedly advised to make sales inside the selling zone
Trading back BELOW the 50 DMA @ 10690 and the 20 DMA @ 10686
The PermaBulls have continued to say “BUY the BITCOIN WEAKNESS”
Will they ever turn BEARISH?
The 7/29 low @ 9117 and the 7/17 low @ 9083 are below and we know there are “NO TRIPLE BOTTOMS.”
A CLOSE below these and look for our LT bounce zone @ 8500-7200 to be tested
No new LT signal at this time

SPX-cash daily chart

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