Hello, askSlim members! Welcome to the preview and beta testing period for the new askSlim SIR Daily Snapshot. This new service is designed for short-term index swing traders looking for technical insights into the market’s short-term directional bias and key support and resistance levels at multiple timeframes. 

Today’s preview includes a detailed short-term technical snapshot of the S&P 500 (SPX), Nasdaq 100 (NDX) and Russel 2000 (RUT). 

We will be extending the preview and beta test period until July 8, 2019. Please note, once the beta test period has ended the new SIR Daily Snapshot will be included as part of our Level 2, 3 and 4 askSlim premium memberships. NOTE: 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. 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 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 – Based on the small upside gains in the futures markets it is likely the SPX will open into the intraday breakout/acceleration zone that runs 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/breakout 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 2972-2960. A breakdown below the intraday support zone opens the door to a potential downside acceleration zone from 2959 – 2940. Below 2940 the SPX has a KEY intraday support zone from 2937-2925.

 

  • Short-Term Swing Trader (Few days to few weeks) – We are watching a short-term support zone from 2918-2881 and then a KEY short-term support zone from 2880-2825. Our cycle work on the daily chart, at this time, is pointing towards mid to late July as a period where there is increased downside risk.

 



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

 


 

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

 



 

5 Day_15 minute Chart with Intraday Support, Resistance and Breakout/Acceleration Zones- CHART A (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
  • 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.

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