On Friday, S&P 500 re-test its major resistance at 1130 and closed lower at 1122
A black candle stick with long lower shadow similar to a “Hanging man” implies on the weakness for the rally and the likelihood of pullback is high.
RSI & MACD are still bullish as both indicators continue to trend upwards.
Important Resistance of S&P 500: 1130
Immediate Support of S&P 500: 1103
Currently prices are supported by the technical/20/200 days MA at 1103 and resisted by technical/100 days MA at 1130
S&P 500 seems to be having a ridge task in breaking the next major resistance at 1130.
As of now, traders will be watching the support at 1103 and hope that the prices will rebound off this level.
It will be a very bearish sign if 1103 breaks in high volume to indicate the high possibility of “lower low”.
On Friday, Kepcorp break through its support at $9.16 and closed lower at $9.08 with LOW volume of 3.78 million shares traded.
A big black candle stick with short lower shadow indicates that investors have no hesitation in selling this stock and would try to avoid holding over the long weekend.
Both RSI & MACD are turning bearish as RSI did a “tick down” and fall out of the rising trend line.
Important Resistance of Kepcorp: $9.16
Immediate Support of Kepcorp: $8.81
Currently prices are supported by the technical/20/100 days MA at $8.81.
Since Jan 2009, prices of Kepcorp have always been well supported by the 50 days MA.
Therefore we would encourage buying near 50 days MA support if applicable (Current 50 days MA: $8.64).
But one important point to note is that the major support at $8.81 should be fairly strong and will not break easily. Rebound or consolidation may occur near that level.
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