The Morning Fibocall For August 7, 2019

SPX-cash (Long term view)

Our LT bounce zone @ 2878.40-2843.09 was tested on 8/5 and held.

Closed above our first bounce level @ 2870.70 to add to longs.

50 DMA @ 2929.13 which is inside our very ST selling zone @ 2925.05-2949.34

LT oversold signal has been triggered

S&P futures: (Short term view )   
Today’s range so far today 2889.25-2854.50, so don’t blink,

as the moves have been quite sharp in both directions

The 200 DMA @ 2800 was tested on 8/6 and bounced.

Closed above our first bounce level @ 2835.75 (Close above to buy/add)
We will get some backing and filling over the next few DAYS.

Our very ST selling zone @ 2902.50-2932.75 with the 50 DMA @ 2933.50 above.

LT oversold signal has been triggered

IWM

A gap lower on 8/5 that held the 5/31 low @ 145.32

Closed above our first bounce level @ 149.28 as I needed a close above to buy/add

200 DMA @ 151.13, 50 DMA @ 153.18 with our very ST selling zone @ 152.71-154.26
20 DMA @ 154.64

No long term signal here

CRUDE

“A close below 54.55 to make sales.”, and that occurred on 8/6.
.764 level @ 53.04 is being tested today with the 6/5 low @ 50.60 below.

50 DMA @ 56, 20 DMA @ 56.53, 200 DMA @ 56.83 are all above.

No long term signal here

XLF

The 200 DMA @ 26.44 is below and held on recent weakness.

Closed above first bounce level @ 27 to buy/add
We will get some backing and filling over the next few days.

50 DMA @ 27.53 with our very ST selling zone @ 27.59-27.87

20 DMA @ 28.02

No long term signal here

QQQ

On 8/5 the QQQ closed inside our bounce zone @ 182.41-179.30

A close above our first bounce level @ 183.06 to buy/add came on 8/6
Yes, some backing and filling will come

50 DMA @ 186.81

Our very ST selling zone @ 187.37-189.31

LT oversold signal has been triggered
 

10 year note yields

The July 2016 low @ 1.454 is below

Our first bounce level @ 1.745
I need a close above to look for a very short term move higher in rates.

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Comments

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Susan Miller 1 week ago Member's comment

Thanks Gary, while I find your technical data useful, your writing is always a bit hard to understand. It's like you are writing notes for yourself in shorthand, which makes it harder for everyone else to follow.