Triple Testing Day
Today's headline: Testing, Testing, Testing ... 3 Indexes at a stress level?
There are 3 important testing levels, all occurring today, in the market on the S&P 500, the DOW, and our Institutional Index. Each chart is below showing their respective resistance levels being tested.
Chart 1: The S&P 500
The S&P's intra-day chart is below and shows how it has been in a descending channel since the beginning of June. You can clearly see on the chart, that the S&P will be testing the resistance of its upper channel as the day opens.
Chart 2: The Dow Jones Industrials.
This 10 minute chart of the DOW shows its movement during the past 8 days. Note how the tops are weakening (red lines on the price chart) and how the DOW closed below a minor support yesterday. It should test the second support line this morning, and if it breaks through that, it will test the bottom support level.
Chart 3: Our Institutional Index of "core holdings"
This chart also shows how our Institutional Index has been in a trading range and is about to test its upper resistance line which will decide which direction it will go in after the test.
That gives us 3 indexes that need to be watched today because they are at important resistance testing points.
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