The Market is in a Long-Term Bull Market on the daily, with the 50 above the 200 and 800 . Price has pulled away from a long-term and is consolidating sideway, but has yet to close below the 13 at 3217. Price is flirting with the median price level at 3220 and the other technicals are starting to turn down from extreme high levels.
The Market is in a Bull Market on the 4 hour, with price above the 50 , which is above the 200 and 800 . The price action has been breaking the 13 over the last several trading days. I expect a test of the 30 down at 3210 next week, which would allow for a nice stop hunt below a prior low. If things get extreme in geopolitics, we could see a test of 50 down at 3185, which isn’t likely.
With all the rhetoric coming out the Propaganda News Media, and the fear of additional terrorism coming from Iran, Social Mood is likely to be negative and the markets are likely to open down next week. Then there will probably be dip buying, and we are just as likely to be at the highs again by the end of the week.
This is my SPX 500 look ahead for my own trading purposes. trading involves risk. Feel free to comment, but trade off of this post at your own peril.