Hello, askSlim members! Welcome to the askSlim SIR Daily Snapshot.Today’s post includes a detailed short-term technical snapshot of the S&P 500 (SPX), Nasdaq 100 (NDX) and Russel 2000 (RUT). Feel free to share your comments and feedback below. Enjoy!

PRO TIP:


It is a fundamental truth that the inherent nature of the markets always offers the possibility that anything can happen. Risk is always present for upside and downside surprises. As traders, we should be cognizant of this fact and structure our trade planning and risk management accordingly – whether the technical evidence is clearly bullish, bearish or neutral with mixed signals. At askSlim we are bull/bear agnostic. The market messages drive our technical outlook. The analysis contained in the SIR products is developed as much as possible from a proprietary blend of objectively engineered trend, momentum and cycle studies and we look for alignment at multiple timeframes so we can provide the highest probability of directional bias along with projected key support and resistance levels. We will always provide upside and downside viewpoints as well.

 

S&P 500 – (SPX)
Technical Overview

S-T Directional Bias (few days to few weeks outlook): The sum of the evidence at this time suggests a slightly bullish overall short-term technical condition and the likelihood of continued new highs. Our 2hr “Reversal Scout” and “Slim Ribbon” momentum indicators will tip us off as the near-term conditions start shifting. On a breakout above 3248 we are watching 3260-3284 as the next resistance zone that may contain this advance and trigger another pullback that tests the rising minor support zone as well as the top-end of the short-term support zone. 

We continue to keep a close eye on the price action’s impact on the technical conditions at multiple time frames.

Upside Overview:

  • Short-Term Swing Trader (Few days to few weeks) –
    • The SPX on 12/16/19 pushed through a short-term Fib Ext. Resistance/Target Zone from 3170-3185
    • The SPX on 12/20/19 pushed through the top-end of a Major I-T Fib Ext. Resistance/Target Zone from 3190-3214
    • The SPX was pushed back on its first attempts on 12/26 & 12/27 into the KEY Longer-Term Fib Ext Resistance/Target Zone from 3234-3284 

Downside Overview:

  • Short-Term Swing Trader (Few days to few weeks) –
    • The SPX tested and bounced off the top-end of a rising minor support zone from 3131-3100 on 12/10/19
    • The SPX is testing a rising minor support zone from 3227-3204
    • As of 12/29/19 the SPX has a rising S-T support zone from 3180-3138


15 minute Chart with Intraday Support, Resistance, HMA (Reversal “Scout”) and Breakout/Acceleration Zones- (with upcoming session view)



2-HR Chart with Slim Ribbon Momentum Indicator, HMA (Reversal “Scout”) and Key S-T Support & Resistance Zones and Technical Notes



Slim’s Annotated SPX Daily Chart with additional Slim Ribbon Momentum Indicator and Hull Moving Average (“Reversal Scout”) 



NASDAQ 100 – (NDX)
Technical Overview


15 minute Chart with Intraday Support, Resistance, HMA (Reversal “Scout”) and Breakout/Acceleration Zones- (with upcoming session view)


2-HR Chart with Slim Ribbon Momentum Indicator, HMA (Reversal “Scout”) and Key S-T Support & Resistance Zones


Slim’s Annotated NDX Daily Chart with additional Slim Ribbon Momentum Indicator and Hull Moving Average (“Reversal Scout”) 

 



RUSSEL 2000 – (RUT)

Technical Overview

 


15 minute Chart with Intraday Support, Resistance, HMA (Reversal “Scout”) and Breakout/Acceleration Zones- CHART  (with upcoming session view)



2-HR Chart with Slim Ribbon Momentum Indicator, HMA (Reversal “Scout”) and Key S-T Support & Resistance Zones 



Slim’s Annotated RUT Daily Chart with additional Slim Ribbon Momentum Indicator and Hull Moving Average (“Reversal Scout”) 


TECHNICAL EVIDENCE COMPARISON

Momentum Tracker & Charts

*askSlim Trend & Momentum Tracker



2hr Intraday Area Chart “Comparison” with SLIM Ribbon Momentum Indicator & MCI


Helpful Tips:

  • Slim Ribbon Momentum Key
    Green = Positive Momentum
    Red = Negative Momentum 
    Purple = Neutral Momentum
  • Hull Moving Average (HMA) Key
    Green = Positive Condition
    Purple = Negative Condition

 

 

 

  • Our use of “Near-Term” refers to the use of 2hr intraday charts and other trend analysis that is assimilated from market data over the last 5-7 trading days. Our use of “Short-Term” refers to the use of primarily daily charts and other trend analysis that is assimilated from market data over the last few to several weeks. Our use of “Intermediate-Term” refers to the use of primarily weekly charts and other trend analysis that is assimilated from market data over the last several weeks to several months. Our use of “Long-Term” refers to the use of primarily monthly charts and other trend analysis that is assimilated from market data over the last several months to several years.

DISCLAIMERS

Askslim.com, Inc. owns and operates the website known as: www.askslim.com. All of the information on www.askslim.com is solely for entertainment, informational and educational purposes only and is not investment or trading advice. None of the information on the Website or in emails is guaranteed to be accurate, complete, useful or timely. Please go askslim.com for the full disclaimer, terms and conditions and privacy policy