SPY Gap Watch as MSFT and NKE Shape Next Trend
GAP SYNCHRONY
Distance vs. Friday Close:
$SPDR S&P 500 ETF Trust(SPY)$ : 702.78 (1.3%) RSI 73.5
$Invesco QQQ(QQQ)$ : 642.18 (-1.2%) RSI 74.5
$SPDR Dow Jones Industrial Average ETF Trust(DIA)$ : 486.6 (-2.1%) RSI 69
Daily Volume validating reversal candles, mostly on DIA.
Healthy consolidation ahead.
Will the $686.3 gap be filled for SPY? (-3.7% downside).
$Microsoft(MSFT)$
A Shooting Star has formed above the upper Bollinger Band, leaving two open gaps below and RSI >70. A reset is likely before another attempt to reach the $441 gap.
After a stellar weekly run of +14%, a pullback would be a healthy reset of overbought conditions.
$Nike(NKE)$
Many people suggesting Nike. Makes sense, last time it bounced from the lower Bollinger band with an oversold RSI triggered a multi-week rally.
Next week, as long as the price stays above $45.0, momentum could reach $47.8 for a 3.9% move.
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