Twists & Turns

Support to Watch

Last week we certainly saw some twists and turns in an event driven week with the indices moving lower.

So, coming into the new week, watch am I watching? Support.

$ES_F S&P futures

Using Volume At Price with the TTG Marketwebs Indicator, 3857.5 is the bottom of the Dec Value Area support. That level coincides closely with the 3851.25 1hr VPOC (2nd chart). Remember, VPOCs (Virgin Point of Controls) are areas of potential reversal / pivot. If these levels do not hold, then can sights on lower VPOC on Daily chart 3752.75

DIA - DJIA

Interestingly, the DIA is still trading above its 200d MA. Going into next week, I am watching to see if the 200d MA holds, along with the bottom of Dec Value Area $328.34. If that does not hold , then can look down to $312.64 for next VPOC support.

If these support levels hold, and price bounces, then I would have to think it is just that a bounce vs a change in trend. Using the $NYSI McClellan Summation Index for a check of Advancing / Declining issues & momentum, there is a bearish crossover and I prefer to sell bounces when there is a bearish crossover with the 10d Moving Average (until the bearish crossover reverses).

Other Areas I am watching

KWEB - China Internets ETF

After some decent strength from the lows in Oct, the KWEB ETF has been consolidating over the last two weeks. I am watching for a break out of the consolidation, alert set to $31.8 for upside continuation. Individual names I am watching in the group are TAL EDU BILI PDD FUTU. More detail in the TTG Trading Room.

XLV - HealthCare ETF

A dip into the Dec top of value support. Watch $135.52 for potential bounce area. Individual names I am watching in the group are CI ISRG VRTX CAH JAZZ. More detail in the TTG Trading Room.

More analysis at The Tribeca Trade Group

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