the SPX has pulled back to a horizontal support. This subsequently is also a 50%fib. In fact, all the fibs at 50%, 61.8% and 71.8% have horizontal support. It is tough to decide where exactly the market will bounce; hence, my stop is below 71.8%.
Other supporting evidence:
(1) Notice the hidden bullish divergence in both MACD and Stochastic indicators. This is an indication that the previous weekly trend could resume.
(2) Notice how the weekly chart is still making higher highs and higher lows. July 2015 could be the month where a new bull market will resume.
Comments and what to look for and anticipate:
For the weeks of June 6 and June 13, 2015, I expect the weeks head to give a bullish sign to rally, with a projection target to 2175. from there, I will watch the market for any possible sign of a reversal.
Other supporting evidence:
(1) Notice the hidden bullish divergence in both MACD and Stochastic indicators. This is an indication that the previous weekly trend could resume.
(2) Notice how the weekly chart is still making higher highs and higher lows. July 2015 could be the month where a new bull market will resume.
Comments and what to look for and anticipate:
For the weeks of June 6 and June 13, 2015, I expect the weeks head to give a bullish sign to rally, with a projection target to 2175. from there, I will watch the market for any possible sign of a reversal.
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.