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-T Directional Bias (few days to few weeks outlook): The sum of the current technical evidence suggests a very bullish overall short-term condition. At this point, the SPX would need to close below 2825 to neutralize the overall short-term positive trend condition. 

Upside Overview:

• Intraday Swing Trader – We are watching an intraday resistance zone from 2965-2972. A breakout above 2972 and intraday resistance opens the door to a potential acceleration zone  from 2973 – 2992. On a push above 2992 the SPX will challenge a key intraday resistance zone from 2993-3008 where, on an intraday basis, it is likely to struggle to break through on its first attempt. 

 

• Short-Term Swing Trader (Few days to few weeks) –  The 2-hr Slim Ribbon and HMA “Reversal Scout” late in the session on Friday turned positive suggesting a resumption of the more dominant bullish overall technical condition. We are watching a short-term resistance/upside acceleration zone that runs from 2968-3025.On a push above 3025 we are watching a key major short-term resistance zone from 3026-3100 as an area, at least in the short-term, that the SPX is likely to struggle to break through. On a break out above 3100 the SPX enters the “blue sky” breakout zone that runs from 3100-3330 – which is a major fib extension level and a likely area where a potential key top may form – more on that analysis as the next few weeks play out. 

Downside Overview: 

• Intraday Swing Trader – We are watching an intraday support zone from 2957-2950. A breakdown below 2950 and intraday support opens the door to a potential downside acceleration zone from 2949 – 2938. Below 2938 the SPX has a KEY intraday support zone from 2937-2925.
• Short-Term Swing Trader (Few days to few weeks) – The short-term support zones will be updated after today’s wild session once we have some anchor points to work with. 

 

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5 Day_15 minute Chart with Intraday Support, Resistance and Breakout/Acceleration Zones- CHART A (with upcoming session view)

 

20 Day_2-HR Chart with Slim Ribbon Momentum Indicator, HMA (Reversal “Scout”) and Key S-T Support & Resistance Zones and Technical Notes

 

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

Slim’s Annotated SPX Weekly Chart

 

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5 Day_15 minute Chart with Intraday Support, Resistance and Breakout/Acceleration Zones- CHART A (with upcoming session view)

 

20 Day_2-HR Chart with Slim Ribbon Momentum Indicator, HMA (Reversal “Scout”) and Key S-T Support & Resistance Zones and Technical Notes

 

 

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

Slim’s Annotated NDX Weekly Chart

 

 

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5 Day_15 minute Chart with Intraday Support, Resistance and Breakout/Acceleration Zones- CHART A (with upcoming session view)

20 Day_2-HR Chart with Slim Ribbon Momentum Indicator, HMA (Reversal “Scout”) and Key S-T Support & Resistance Zones and Technical Notes

 

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

Slim’s Annotated RUT Weekly Chart

 

*askSlim Trend & Momentum Tracker

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

• Slim Ribbon Momentum Key
  Green = Positive Momentum
  Red = Negative Momentum 
  Purple = Neutral Momentum
• Hull Moving Average (HMA) Key
  Green = Positive Condition
  Purple = Negative Condition
  
• New to Slim’s Charts? Click the following link to learn more. Slim’s Chart Training
• Click on the following link to learn more about Slim’s Trend Momentum Tracking Tool
• 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.