Friday Wrap: Under-the-hood and Technical Warnings

Two messages came across the board shortly after the markets closed today that neatly sum up what Traders will be (or should be) thinking about this weekend as they prepare for next week.

First up, JC Parets has his ear to the ground and he’s noticed the Dow is whispering something:

fun fact: only 11 of the 30 Dow stocks are positive year-to-date – hat tip @RichartRoss $DJIA $DIA

— J.C. Parets (@allstarcharts) Mar. 21 at 02:24 PM

That’s a not so fun fact if today’s tease of all-time highs convinced you to go all-in long.

Next up, David Durand issues this technical warning that warrants your attention:

$SPX now has two "should have and didn'ts" against it. Should have broken out each of last two days and now forming lower high. $SPY

— David Durand (@SunAndStorm) Mar. 21 at 02:28 PM

 

Here are the intermediate-term levels in $SPY to wrap your head around.

$SPY rejection of higher prices and breaking this zone. Strong potential to head toward 185 http://stks.co/q07kH

— Hakan Cuceloglu (@turcotrader) Mar. 21 at 01:42 PM

~ Sean McLaughlin (@chicagosean)


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