S&P-500 Futures Bullish Gartley Entry at 200-day SMA

Mar 9

The Nasdaq-100 Futures have been holding up in the range printing potential Bullish Cup with Handle Pattern but the SPX Futures have come down to nearly a 0.886 retrace, completing a Bullish Gartley aligning with the 200-day SMA.

Oil has recently spiked above $110 which was likely the trigger for the SPX's decline, but at this point is likely to come crashing back down below $100 if not just for a week or so.

During this time we can likely see the SPX stage a recovery from this recent decline as lower oil prices will lead to lower volatility(VIX), which will lead to a lower US Dollar Index, and higher equities and Bitcoin/Crypto.

I currently think we will see balance sheet expansion and that the market is going to price that in with one last blow-off top push to the upside as I detailed here:

This weekend's opening decline just simply serves as a more precise entry that one could even size up in the futures market. I think that it would make sense to take some profits near the top of the range at the 2.618 extension $6,921.75 but I also think that this could serve as the preferred entry into the bigger blow-off top move I'm suspecting can hit as high as $7.6-$9k as detailed in the higher timeframe idea above.

Mar 9

Trade active