Trading This Market Without Technical’s Can Be Hazardous To Your Wealth

By Gary Berman of The Fibocall

Friday, July 12, 2019 8:19 AM EDT

FIBOCALL: The MORNING FIBOCALL for 7/12/19

SPX-cash (Long term view)

Our short term overshoot level @ 3007.31 and our longer term overshoot level @ 3081 remain our upside targets.
Some backing and filling will come along the way, so know our key levels.
The sharply rising 20 DMA @ 2946.62
A close back below the 5/1 high @ 2954.13 to turn bearish
A close below our first support @ 2938.28 to sell some more.
The 50 DMA @ 2889.58 is far below

Long term overbought condition is unwinding

S&P futures: (Short term view )
A new high today with our short term overshoot level @ 3023.50 above.
I will advise our first short term support level, once the short term top can be determined.
The 20 DMA @ 2957
A CLOSE below to make sales.
Long term overbought condition is unwinding

IWM

Our very short term bounce zone @ 154.40-153.53 was tested and held
The 20 DMA @ 154.16 was also tested and held
The 50 DMA @ 153.30 is below
We said “I would be a buyer inside the zone.”
A CLOSE below the 50 DMA as ashort term exit.
200 DMA @ 151.84 is further below.
No long term signal here

CRUDE
Traded above our selling zone @ 58.60-60.49 yesterday and CLOSED inside.
A close above 60.49 would be bullish , with the LT .764 level @ 62.82 above.
First LT support @ 58.50, 200 DMA @ 58.32 , 50 DMA @ 57.92 and the 20 DMA @ 57.29 are below
No LT signal here

XLF
Holding our first ST support level @ 27.94 remains bullish
A close below 27.94 to make some sales.
The 7/5 high @ 28.26 and the 9/20/18 high @ 29.07 are above
Our ST bounce zone @ 27.58-27.41 is below with the 20 DMA @ 27.54
No long term signal here

QQQ: A NEW intraday HIGH yesterday with our overshoot level @ 196.53 above
A close back below the 5/1 high @ 191.32 to make some sales.
The sharply rising 20 DMA @ 188 and holding remains LT bullish.
No new long term signal here

10 year note yields
Yields are now ABOVE the falling 20 DMA @ 2.042 after ticking @ 1.951 on 7/2/19
The 50 DMA @ 2.200 and our ST selling zone @ 2.273-2.349
I am NOT expecting this bounce to clear the 2.349 level at this time
No new LT signal at this time

IBB
Closed back below the 200 DMA @ 107.77 after trading inside our LT selling zone @ 108.04-109.98

The 7/3 high @ 110.93 is above
The 200 DMA @ 107.77 and the 20 DMA @ 107.74
We said “ A close below the 20 DMA to increase sales”

The 50 DMA @ 105.36 inside our ST bounce zone @ 105.39-104.07
No new LT signal at this time

FIBOCRYPTOCALL

XBTUSD (Bitcoin)
A battle of the zones has been real
Our LT selling zone @ 11323-13256 continues to be tested as we look to reduce some long exposure.
Our ST bounce zone @ 10649-9893 was tested last week and held so far.
20 DMA @ 10972 and a close below to SELL MORE
A CLOSE back below 9800 to press sales
The rising 50 DMA @ 9020 is below
No new LT signal at this time

SPX-cash daily chart

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