since the all time high of 2940 on 9/21/18,
capturing 337 points of Decline to the 2603.54 Low on 10/29/18.
I have both forecast,and written about the decline,
in numerous articles here on tradingview.com
As the hours pass towards month end chart close today,
I am seeing signs the "shake out" low at 2603.54 on 10/29/18 appears
to have SATISFIED a SUCCESSFUL MONTHLY RETEST
of very important MONTHLY CHART SUPPORT, unless reversed on 10/31
Futher evidence shows the 2660 price area in the S+P has found support, which is also .
S+ P 500 Dec 18' have also broken out of a declining
on the 4 Hour OPEN Chart I keep on 10/30/18, and are adding to the breakout on 10/31/18
The rally on 10/30/18 and the makings of a continued rally on 10/31/18,
show that it could soon meet the " 45 Degree Resistance Angle" at S+P 2710
Important Divergences,have been accompanying the advance off the 2603 10/29/18 Low.
As traders and investors, we must always be aware of a potential important change in TREND direction.
10/31/18 Monthly Close today, is overwhelmingly important monthly chart closing evidence.
I shall have an additional update,here at tradingview.com, at the close of business today.
10/31/18 700 am
Although the S+P 500 managed to close ABOVE the 45 Degree Resistance Angle,
it did so fractionally... above 2710 at 2711.74
OF NOTE: The almost the entire day... 5 RSI Minute Divergence,..
from 945 am this morning, when RSI Reached a High of 83.13
with the S+P 500 at 2715
The rally from 2715 to the Daily High of 2736.69 was COMPLETELY UNCONFIRMED,
meaning that sell volume was in control, as price rose to today's high.
Put another way, sellers were unloading their shares into today's rally high.
I see the evidence today
as a sharp price rally, into a wall of resistance sellers from above,
which to me was clearly BEARISH.
My traders instincts tell me today's rally
could be another potential bull trap in the making.
But It will take further price action in early November
to quantify whether today's end of the month rally,... will ultimately hold.
10/31/18 443 PM
HOWEVER, APPLE which is big part of the DOW and Nasdaq 100,
dropped sharply in after-hours trading on disappointing I- PHONE Sales.
APPL last quoted at 207, down 7 %
Thus I will be watching closely tomorrow, to quantify this breakout
to see if the S+P 500 manages to close the week,
above 2710 RESISTANCE. 45 Degree Angle on the Weekly Close
which carries significantly more weight than a Daily Close.
If the S+P Closes 11/2/18 back Below 2710 RESISTANCE on the week,
then today's rally could have been a Chart Breakout "BULL TRAP",
...about as Bearish as you can get, especially at this stage in the market.
11/1/18 600 PM
S+P 500 after breaking out to the upside this morning,
to catch additional bulls, in the BULL TRAP,
looks to want to retest a weekly CLOSE ABOVE 2710 today !
WATCH 2710 on the CLOSE.
A close below it would extremely BEARISH,
setting the" bull trap".. up to S+P 2756
and would set up an additional downside move, next week.
I will post an updated article on the S+P 500
here on tradingview.com this weekend.
11/2/18 1215 PM
Interesting read, and always a possibility.
Watching for a close above or below, 2710 on 10/31
Thank you for your input.
Thank you, for your kind feedback.
Best of luck.