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). Click on the “expand arrows” to see the Technical Overview section for each of the indexes. Remember to click on the charts and images for the full size. 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 bearish to neutral overall short-term technical condition. With the violation of the previous cycle low support level of 2973.09 the daily cycle configuration shifted negative – increasing the probability that a short-term and potentially an intermediate-term top are in place. The overall intermediate and longer-term technical conditions are currently still positive, however, a close under 2843 will likely neutralize the intermediate positive trend condition and open up further downside risk to deeper longer-term support levels.

We continue to keep a close eye on this extreme volatility and its impact on the technical conditions at multiple time frames.

Upside Overview:

  • Intraday Swing Trader
    • The SPX has an intraday resistance zone from 2913-2925
    • The SPX has a key intraday resistance zone from 2926-2934
  • Short-Term Swing Trader (Few days to few weeks) –

    • The SPX has a key short-term resistance zone from 2950-2985

Downside Overview: 

  • Intraday Swing Trader
    • The SPX has an intraday support level from 2900-2888
    • On a breakdown below 2888 the SPX will likely enter a downside intraday acceleration zone from 2887-2880
    • The SPX has a thin intraday support level near 2880
    • On a breakdown below 2880 the SPX will likely enter a another downside intraday acceleration zone from 2879-2869
    • The SPX has another thin intraday support level near 2869
    • On a breakdown below 2869 the SPX will likely enter a another downside intraday acceleration zone from 2868-2848
    • Below 2848 SPX has a key intraday support zone from 2847-2835
    • On a breakdown below 2835 the SPX will likely enter a major downside intraday acceleration zone from 2834-2805

 

  • Short-Term Swing Trader (Few days to few weeks) –
    • The SPX has key minor support zone from 2894-2846
    • The SPX has key intermediate support zone from 2804-2767
    • Below 2767 the SPX has an initial long-term support zone from 2751-2714
    • NOTE: The SPX has an intermediate cycle low support level from the weekly chart at 2728.81. A violation of this level would shift the weekly cycle configuration from positive to negative. 

 



15 minute Chart with Intraday Support, Resistance 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 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 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

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