Hey all - I see a lot of people being bearish on the SPX lately for the last 3-4 weeks or so. While hindsight is always 20/20 I think we have a little more upside before we see a pullback. As you can see we are recently above the 50 day MA (blue) and just crossed back above the 200 MA (red). MACD is also showing no divergence at the moment. We are currently at the 61.8 fib retrace level. While I do see some sideways/lower movement for a couple days, I think in the end we will break above it. There is just too much good news aside from AMZN giving lower guidance/spending money on investments. With the Fed, earnings, jobs report, and avoiding another government shutdown because Trump will declare an emergency instead of shutting it down, I think we will move above the 61.8 fib and head to 78.6 level around 2790ish before we see another major pullback which might be just in time for the China trade deadline to be up.
Happy Trading
This analysis is not a recommendation to Buy or Sell. To be used for educational purposes only.
Happy Trading
This analysis is not a recommendation to Buy or Sell. To be used for educational purposes only.
Trade active:
going to the .786 fib
Comment:
Everything is going as planned all the way down to Trump declaring an emergency. I closed all my long option Calls today at the close of market. Gonna wait this one out the rest of the way and buy some put options at 2785 when markets resume on Tuesday