[Video] Minor rebounds on WTI and S&P 500 face resistance
Matt Simpson March 22, 2021 5:03 AM
WTI posted a relatively mild gain on Friday, but stopped well short of erasing Thursday’s 7% decline. The S&P 500 could also be carving out a swing high.
- We also take a look at Visa Inc (V) in today’s video after it produced a particularly bearish candlestick pattern on Friday.
- Gold is trading lower today and bears try to carve out a top below 1755. As long as this continues to hold as resistance then our bias remains for another attempt to test 1700. A break above 1764.72 would regain our bullish interest.
- Nasdaq held above 12,726 support and printed a small bullish candle. It’s hardly a victory for the bull-camp though, so we remain on guard for a break beneath this key support level. A break above 13,300 however would be constructive for the bull case.
- You can see our analysis for gold, WTI and the Nasdaq in Friday’s video.
- Eli Lilly (LLY) has continued to trade lower since Tuesday’s video and notched up five consecutive bearish days. Perhaps it could be time for a minor retracement. Our bias remains bearish below the gap near 192 and target remains around the gap near 176.
- Tesla (TSLA) is now on the backburner with a break beneath 651. Whilst it still shows potential for an inverted head and shoulders pattern (break above 721.11 confirms) and Friday produced a bullish hammer, price action is not playing ball with the original thesis so we’ll wait for the picture to become clearer.
- The index closed -1.78% below its 52-week high
- 230 (45.54%) stocks advanced and 273 (54.06%) declined
- Communication Services (0.8%) was the strongest sector and Real Estate (-1.26%) was the weakest
- 6 out of the 11 sectors outperformed the index
- 86.34% of stocks closed above their 200-day average
- 75.25% of stocks closed above their 50-day average
- 64.95% of stocks closed above their 20-day average
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