3/11/2017: sp500 update

Sp500 finally bottom out at 2354.54 temporarily last Thursday. Friday the index open higher at 2376.86 and went lower to 2363.04 and bounced backed up to 2373.58, closed at 2372.6, gained 7.73 points. following are some technical levels and characters:

•  the index break out the down channel on last Friday with break out
• the index still close at the channel top trend line of new down channel (top trend line: 2400.98-> 2376.86->2373.58)
• Resistance levels: 2376.86, 2378.8, 2382 (gap fill), 2386.5 (down channel base), 2390, 2395.5 (gap fill)

http://schrts.co/UWQSvu

The short term trading summary: 

• the first guess is possible gap up to break out the down channel (top trend line: 2400.98-> 2376.86-> 2373.58), then sold off to back test the newly formed down channel bottom trend line like last Friday?
• the second guess is still consolidate within the new formed down channel 

Let's review one of the breadth chart of sp500: SPXA50R.

http://schrts.co/N9bjeJ

The summary of the breadth indicator is :

• all short terms EMAs are pointing down now and stick together (a very strong resistance indication), the value range [72.18, 72.44], current value is at 68.6
• like mentioned before the breadth's 20 days EMA will be back tested soon to decide if the market can continue higher or will back down to claim the market top
• the back test 20 days EMA of this breadth also indicates that the market will go higher from current level (watch where to stop )
• if this breadth can break out 20 days EMA, the market may will make new high again.