Monday’s price signals of NR7, Inside Day followed the usual script of how these signals work in tandem, as the break of the preceding trading day’s high or low, has a strong tendency to trade in the direction of the break for the balance of the day.
Daily Trading Signals
The following signals were generated for 21 Jul:
High Continuation & Reversal Signals are fired when the preceding trading day exhibits a strong compressed bullish trend move throughout the entire day and closes fairly strong near the top of the day’s trading range. The signal implies that the strong bullish move has moved too far, too fast and that a reversal is likely sometime during the trading day.
Today’s daily pivot is 947.91, and the weekly pivot is 919.89. Price action above the daily pivot is bullish. Specific price levels and projections are discussed on the charts below.
Short term 15 Min & 60 Min
Short term Fib and symmetry support is clustered between 937 - 942.
Daily
The daily chart oscillator is also bullish overbought. A daily close > 932 projects eventual targets of 979 and 1010.
Weekly
The recent -9%, -87 point decline was the catalyst for the current 74 point 7 trading session rally. The weekly oscillators turned bullish on last week. A daily close <>
The true weekly swing high is counted from 943.85. Even in the most severe downtrends a 38.2% - 50% rally is typical. 1014 would be a minimal 38.2% retracement of the all time highs @ 1576 Oct ’07 from the 667 March lows.
The current high point of the rally is a 289 point, 43.4% 14 week advance in the S&P to 956, the longest rally since the Oct ’07 highs. Closing above 945 at end of the current month would turn the monthly $SPX chart bullish. The Monthly chart has already closed above symmetry resistance. June closed @ 919.32, while May closed at 919.14.
Long Term: Because of the powerful reversal on the 10th Mar, from long standing key weekly Fib projection / support levels, the benefit of the doubt is still given to the bullish case with continued daily closes > 777.
Updated 15 min, Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted below.
Support & Resistance Levels and Daily Signals are posted in each section.
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