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!

Important Notes:

  • We have added our “Reversal Scout” HMA momentum indicator to our SIR Daily Snapshot Intraday Grid. You will be able to view this indicator live on our stream! This indicator is designed to provide an indication of the likely intraday directional bias as well as potential intraday turning points as its momentum condition shifts from positive to negative and vice versa. A positive momentum condition is reflected when the indicator is green and a negative momentum condition is reflected when the indicator is purple.
  • View the SIR Daily Snapshot Intraday Chart Grid Live Stream!
  • Click on the “expand arrows” to see the Technical Overview section for each of the indexes.
  • Click on the charts and images for the full size. 

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 and Technical Briefing (few days to few weeks outlook): The sum of the technical evidence as of 12:30 PM CST on 2/28/20 is suggesting a bearish overall short-term technical condition. With the bearish condition in force we continue to watch for key short-term resistance levels to likely defend against rally attempts. For the bulls to regain control of the short-term the SPX currently would likely need a close over 3188 and a push above 3278. Note…a cycle bottom on the daily chart is now pending and projected due between 2/27-3/4/20. 

Upside Overview:

  • Short-Term Swing Trader (Few days to few weeks) –
    • On 2/26/20 the SPX tested and failed as it challenged the lower-end a declining Minor Resistance Zone from 3173-3205 on its first attempt.
    • The SPX currently has a Minor Resistance Zone from 2977-3020
    • The SPX currently has a KEY Minor Resistance Zone from 3059-3107
    • The SPX currently has a KEY S-T Resistance Zone from 3125-3189

Downside Overview:

  • Short-Term Swing Trader (Few days to few weeks) –
    • On 2/24/20 the SPX gapped below KEY short-term support zone from 3320-3279
    • On 2/24/20 the SPX violated a MAJOR short-term 78.6 Fib support level at 3252
    • On 2/25/20 the SPX violated a KEY Cycle Support Low at 3214
    • On 2/26/20 the SPX violated two intermediate support zones from 3204-3136
    • On 2/27/20 the SPX violated a KEY intermediate support zone from 3103-3060 and broke just below an initial L-T support zone from 3042-2983
    • On 2/28/20 the SPX gapped into a more formidable longer-term support zone from 2906-2859 that is trying to hold on a first test. 
    • Below 2859 the SPX has a KEY longer-term support zone from 2840-2812 that is likely to put up a fight to contain the decline in the short-term if the prior L-T support zone fails.

 


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

Please refer to the Zoom Live Stream for the most current SIR Intraday Grid informationhttps://zoom.us/j/923557069?pwd=dnlHY244NzY5Yjg2U1dqbVFkTVBSZz09



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”)

NOTE: Daily Charts will be updated again over the weekend. 



NASDAQ 100 – (NDX)
Technical Overview


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

Please refer to the Zoom Live Stream for the most current SIR Intraday Grid informationhttps://zoom.us/j/923557069?pwd=dnlHY244NzY5Yjg2U1dqbVFkTVBSZz09


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”) 

NOTE: Daily Charts will be updated again over the weekend.



RUSSEL 2000 – (RUT)

Technical Overview


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

Please refer to the Zoom Live Stream for the most current SIR Intraday Grid informationhttps://zoom.us/j/923557069?pwd=dnlHY244NzY5Yjg2U1dqbVFkTVBSZz09



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”)

NOTE: Daily Charts will be updated again over the weekend.


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.

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