Market outlook Week 14

Recap of week 13: Markets continued its rally for the week and off nice from the Fed bottom.

For the week

SPX: +1.79%

COMP: +1.98%

Dow: +.31%

IWM: -.55%

SPX Monthly: Price closed above 5ma. Price recaptured half of the move down from January and February. Price is at a critical juncture with the given macro back drop.  A break above February highs could see price retest the upper channel.

SPX Weekly: Price rallied for 2nd week and closed above all moving averages.  Right at resistance level. A break above 4560 could see price retest old highs.

    SPX Daily:  Continued momentum to upside with price closing above 5ma. Resistance zone between 4550 and 4580 area. Price could see a reversal down to form a higher low.

COMPX Monthly: Nice reversal underway for month of March recovering almost all of Feb sell off. 5 and 8ma could form a temporary resistance.Price has to clearly break above 15000 to take out new highs.

COMP Weekly: Nice continuation from last weeks rally. Price testing prior resistance and weeky 21ma. Above this we have 50 and down tl resistance. Price is still in down trend. Only a higher low and higher high from here will confirm a trend reversal.

Comp Daily: Could pullback here at resistance to form a higher low and break above it. Daily 200ma and down trendline could form a resistance.

Dow Monthly:

Dow Weekly: 

Dow Daily:

IWM Daily:

Overall indicies seems to be at a resistance level where we could see a pullback forming a higher low and then breaking to higher high. This will be a bullish formation for prices to test ATH. However if prices fails here and form lower high and lower low, we could test new lows. Critical juncture where we could see some sideways chop unfold for few days before a clear trend emerges.