SPX ~ Weekend Update

This week the SPX failed at the QRZ on Tuesday, confirmed a weekly downtrend on Wednesday and closed below the monthly pivot on Friday.

The failure at quarterly resistance triggers three scenarios. First, the SPX may have bottomed on Friday, so don’t be surprised if the uptrend continues next week. The second scenario would be a one or two week consolidation above the February monthly support MTFZ~S @ 3645/3621 and the QP @ 3583, before the uptrend continues.The third scenario would be a larger multi-month correction dropping below the quarterly pivot, but holding above quarterly support QSZ @ 3320/3258. Good Luck and Trade Safe.

SPX ~ Pivot Zones

 

 

 

SLV ~ Pivot Resistance Zones!

With all the hype on the rWSB’s silver squeeze and their brazen, somewhat misguided attack on the short-sellers. I felt the need to dust off the old SLV chart. There is certainly some validity in the price of SLV rocketing up near $50 in the next few months. My play, as always is to follow the Pivot Patterns. If the Pivot Pattern is valid, it would send SLV up into the Pivot Extension Zone (PEZ) @ 43.93 ~ 47.72. Look for the first level of resistance at the Yearly Pivot T/F Zone @ 29.26 ~ 31.25.

Will it be different this time? Time will tell. Let the games begin! Trade Safe……