10 Charts To Watch This Week

Brean Capital released a report on Monday of 10 charts to keep a technical eye on for the rest of this week. Here’s a look at the charts Brean analysts are focused on this week.

1. Brean analysts see 1993-2020 as the “best hope” for support in this chart of E-mini S&P 500 futures. A dip below 1993 puts the uptrend at risk.

2. The S&P 500 remains comfortably inside the tight bullish channel that has been in place since 2011 lows.

3. Analysts are watching to see if the 10-year treasury note can hold the 1.75-1.85 level and form a higher low in the chart.

4. Analysts believe that the dollar will continue to strengthen, but see short-term resistance at 101.8.

5. The German DAX has now caught back up with the S&P 500’s return rate since the market bottom of 2009.

6. Analysts are watching a recent breakout above a multi-year resistance line for Italy’s market.

7. Analysts are calling for a bounce in WTI prices to the $54-$57 rage as part of the third leg of an ABC correction. They first expect a pullback to $45.90-47.15 as oil establishes a “higher low” before taking the next leg higher.

8. Analysts will be watching closely to see if biotech’s 15 percent correction is a sign that the sector has topped or if it is just a large pullback to support levels.

9. Analysts see a breakdown in net new highs after a recent bull trap.

 

10. Analysts note the “most persistent negatives since 2011″ in the chart of the DMI of the equal weight S&P 500.

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