Mid Week ETF Look – Feb 8, 2018
$SPY intraday, broke the para downtrend but looking to retest that area in the short term, trend and weekly support at 260 area will likely be tested in the short term, will see if these levels hold. Monthly still strong, trend intact. Hourly important here, can see the trend broke but we failed to hold the uptrend. We are currently showing a bear flag, likely we head lower into that trend support next session or few sessions.
$GDX getting a little extended on the daily, has a little more room lower into this 21.6 support level, we can see its fairly strong on the monthly and weekly as we also have a trend test. ww for a bounce here.
$USO into daily 50ema, little of support here as well, weekly trend still intact but does look like we will test that trend around 12.2 spot. It holds will be looking for the dt break and push, it breaks look for a fade back to the 11.2-11.4’s. Will be watching next sessions closely!
$XBI dt break and rejected at 13ema, also have some rang res at 91.15 here, likely to dall back and retest that dt line now. Will be watching short term for that. Long term trend still intact.