Testing Time

It's testing time once again for the market. After the SP500 failed to hold above the 1345 level, it reversed and broke below the descending price channel and facing a test for support near 1294. If it fails to find support at this level, then the next likely level for support will be near 1276. Until it breaks below 1240-1250, it still confine inside the long term ascending price channel.

SP500 daily:



SP500 30 minutes intraday:



SP500 weekly:




The Nasdaq 100 is also facing a test for support near the 2265-2275 region after it has made an upward move to fill the recent down gap and failed to move above the 2375 level.

Nasdaq 100:




The Russell 2000 made a higher high toward the 850 level only to find itself reverse back down to recent pivot low near the 807 level. If it fails to hold above the 807 level, then look for it to go down to fill the March down gap and to 770 for possible support.

Russell 2000: