Courtesy of Allan's Trends
Tuesday Market Analysis
Here are a few charts that illustrate past, present and likely future of prices in the days ahead.
The SPX Daily has an intriguing channel that began in early June. Prices came close to the top channel line today and reversed back down. As the hourly chart shows, the reversal was not enough to turn the Hourly Trend Model down, but it's worth watching tomorrow.
SPX Daily – Intermediate Trend
SPX Hourly – Short Term
For the time being the Weekly Trend Model (not shown) is just 2 points into “Long-Pending” mode, making the next three days critical to both the Long and Short Term Trend Models.
VXX Hourly
VXX was up over 3% today despite the market gains. VXX closed in after-hours trading at $12.25, just 20c below it’s Reversal_Long price threshold.
Now for the craziness: PCLN reported after the close today and it’s stock is down over 100 points in after-hours:
PCLN After Hours Quote
If it stays below 592 (currently at 575) it’s Weekly Trend Model will be in Short_Pending mode:
PCLN Weekly Trend Model
That can’t be good……..
……..speaking of which:
FB 30 Minute Trend Model
Finally, push is coming to shove in SLV. Either it stops here, or, triggers Long:
SLV Daily Trend Model
Allan's weekend market review is available in the Market Shadows newsletter.
