Market Update 18.05.2017

S&P500 :

SPYD1

The prior pivots for trading are 2405.77 and 2321.25 on SPX (240.67, 231.50 for SPY ) which are also the highs and lows on weekly chart of the last 3 months on SPX. Don’t get too bearish until SPX broke and hold below 2322.25 .

NASDAQ :

QQQD1        XLKD1

The prior pivots for trading this week are $139.64 and $133.82 on QQQ ($56.13 – $53.63 for XLK) .Bulls should step in at $133.82, if this didn’t happen we may see a move to $130.40 or $129.25 .

Financial : 

XLFD1

Next spot to watch is $22.90 , if bears broke and hold below we can go to $22.50 or we may see more significant downward action to $21.90.

Biotechnology :

IBBD1

As biotech fail to maintain gains and gain power for further upside action in March and May we may see a move down below $286. Don’t get too bearish until market will broke and hold above this level.

 

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