Sunday, July 21, 2019

A Critical Week Is Coming Up

SGS  Market Timer Status:  LONG 
LONG as of the close of Friday Jun 14, 2019
SGS is a Long-Term (weeks to months) Timer
Why Market Timing Is A Must

So far earnings and outlooks have been a mixed bag of satisfaction and disappointment. This week more companies report and more data is released on housing, employment, and GDP.  Also, there is the likelihood of breaking news related to Iran and Muller's testimony before the House.  I expect a volatile week.

SGS declined last week and didn't confirm new all-time highs in DJI, SPX and NAZ.  That's bearish especially when leading indices RUT and DJT are nowhere near their new all-time highs.

Support and resistance levels for SPX for this week are shown above.  As shown above, there are two rising wedges on the price chart for SPX, a small one and a giant one.  A price break below the smaller wedge early this week would signal a high likelihood of a price break below the bigger wedge.

My Plan

I'm watching indices and SGS for now.

SPX: S&P 500 Index    SMA: Simple Moving Average
DJI: Dow Jones Industrial Index    EMA: Exponential Moving Average
DJT: Dow Jones Transportation Index    PDL: Primary Downtrend Line
NAZ: NASDAQ Composite Index    PUL: Primary Uptrend Line
RUT: Russell 2000 Index    ASL: Active Support Line
OEX: S&P 100 Index    ARL: Active Resistance Line
NDX: NASDAQ 100 Index    DTL: Dynamic Trend Line   
TUL: Tentative Uptrend Line   TDL: Tentative Downtrend Line
TLR: Trend Line Resistance   TLS: Trend Line Support

Disclaimer: The views expressed are provided for informational purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.