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Author Archives: Rick Rouse
19
May
May
The Russell 3000 Index ($RUA) had its 3-session winning streak snapped following the pullback to 1,682 into the closing bell. Upper support at 1,680-1,665 held on the close back below the 50-day moving average. A move below the latter opens up risk towards 1,650-1,635 and the 200-day moving average. Resistance is at 1,690-1,705 with last […]
Bears Snatch Weekly Win From Bulls 8:00am (EST) The market showed some strength shortly after a lower open on Friday following news the trade front with the EU, Mexico and Canada is easing with the U.S. set to remove steel and aluminum tariffs on Canada and Mexico. However, weakness returned late in the session following […]
The Financial Select Sector Spiders (XLF) are trying to build a base of support above the 50-day moving average with Friday’s low tapping $26.75. A close below this level could lead to another backtest towards $26.50-$26.25 and the 200-day moving average. Near-term and current resistance is at $27-$27.25. Continued closes above the $27.50 level would […]
The S&P 500 Volatility Index ($VIX) traded to a morning peak of 16.81 with resistance at 16.50-17 getting split and the 200-day moving average holding. A close back above the 17.50 level would be another warning signal for the market with risk towards 20-20.50. Support remains at 15-14.50 with a close below the latter and […]
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