On Friday, S & P 500 tested the major support at 1065 and closed at 1077 with high volume of 5.15 billion shares traded.
A short body candle sticks with long upper/lower shadow displays the indecision of the market as the bulls started to march in.
Both RSI & MACD are turning bearish as MACD lines began to converge together.
Important Resistance of S&P 500: 1100
Immediate Support of S&P 500: 1065
It can be seem that whenever the index hits the critical support of 1065 or 1040, the trading volumes will increases as the bull came in for bargain hunting. This in turn causes the short rebound off the support as demonstrated in the past few months.
Therefore at this point of time, we would like to see a bound off the support at 1065 in coming week to confirm the bullishness of the trend line by having a higher high.
However nothing is confirmed yet thus we would urge investors to watch out for the support at 1065 to provide more hints for the market ahead.
On Friday, Midas tested the major support at $0.94 and closed higher at $0.955 with average volume of 7.76 million shares traded.
A white candle stick with long upper shadow proves that investors are not willing to bring the prices further up and prefer to profit take.
RSI & MACD are neutral as both indicators turning flat
Important Resistance of Midas: $1.01
Immediate Support of Midas: $0.94
Currently Midas is supported at the $0.94 (technical/200days MA)
However we do not encourage entering at this support.
We have doubts on whether this price can continue to sustain especially Midas had a heavy selling down on 24/Jun and a long upper shadow candle stick marked on 25/Jun.
If vested, do monitor for the support at $0.94.
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