S&P 500 SPX500USD
Of the 3 charts followed for S&P 500 index, this one has been the most reliable recently.
We were looking for S&P strength as the last but one of the Fangs report earnings with
Amazon on 26th after hours. Google has helped overnight.
After triple bottoming at the 2790 support line the S&P has rallied higher, making a little
spike off the next line at 2809 before pushing higher still.
It should move on up to test 2836-2837 on this feed, then consolidate some, perhaps back
to 2814 at lows before it rallies again.
Has to beat 2837 to trigger further near term strength up to 2876 -2877 where it should top
out and reverse if touched later in the week.
No point in trying to fight this until earnings are almost done with.
The turn may come on 26th. Let's see - time should tell us the next trade from there...
19th July Update
Am counting on a 4th wave on the back of earnings in near term -
It could use some great results from Microsoft tonight - merely 'good' numbers will be a bit of a let down - on the Dow also and Dax too.
Looking at this index in isolation it still looks like it has more upside left and will eventually break higher above 2814 up to 2838 and then after consolidating some more here, it should push on to 2876 highs again.
On the downside it has to break below 2798 to short back to 2788/7 where it must bounce again if the trend is to remain positive in the nearer term and for a retest of the highs to remain the likeliest outcome from here.
Of the 3 charts followed for S&P 500 index, this one has been the most reliable recently.
We were looking for S&P strength as the last but one of the Fangs report earnings with
Amazon on 26th after hours. Google has helped overnight.
After triple bottoming at the 2790 support line the S&P has rallied higher, making a little
spike off the next line at 2809 before pushing higher still.
It should move on up to test 2836-2837 on this feed, then consolidate some, perhaps back
to 2814 at lows before it rallies again.
Has to beat 2837 to trigger further near term strength up to 2876 -2877 where it should top
out and reverse if touched later in the week.
No point in trying to fight this until earnings are almost done with.
The turn may come on 26th. Let's see - time should tell us the next trade from there...
19th July Update
Am counting on a 4th wave on the back of earnings in near term -
It could use some great results from Microsoft tonight - merely 'good' numbers will be a bit of a let down - on the Dow also and Dax too.
Looking at this index in isolation it still looks like it has more upside left and will eventually break higher above 2814 up to 2838 and then after consolidating some more here, it should push on to 2876 highs again.
On the downside it has to break below 2798 to short back to 2788/7 where it must bounce again if the trend is to remain positive in the nearer term and for a retest of the highs to remain the likeliest outcome from here.
Comment:
S&P 500 SPX500USD
This is going well so far today.
But it's just about to touch the upper parallel at 2828 and can come off some from here.
If long raise stops to right up under price - at 2826 on this feed in case it come off now.
Bigger resistance/first upside target is at 2836 but it can come back some before it gets there. Hence am raising the stop.
This is going well so far today.
But it's just about to touch the upper parallel at 2828 and can come off some from here.
If long raise stops to right up under price - at 2826 on this feed in case it come off now.
Bigger resistance/first upside target is at 2836 but it can come back some before it gets there. Hence am raising the stop.
SPY Chart Update
For fastest major market updates during the Summer hiatus please see link at top-left of main page.