amosjdg

Can't stop this train and golden cross

Long
SP:SPX   S&P 500 Index
In my last post I said we would have more upside before turning bearish when SPX was at the 2692 level on Feb 2. While everything I pointed to turned out exactly as planned all the way down to Trump avoiding a government shutdown and declaring an emergency which shot the market up 20 points on spx, I did think the market would retrace around 2785. I'm no longer in that same position. Next resistance is the 2815 triple top level at the .786 retracement. The 50 DMA and 200 DMA are forming a golden cross in the very near future which is a bullish sign (blue line (50DMA) crosses red line(200DMA). Currency manipulation with China has just reached a final deal Trump stated late Friday. China is also extending their stay over the weekend to hammer out more details on the overall trade deal which is all good news. I suspect when futures markets open up tomorrow we will see an uptick and am predicting a 10+ point gap up on Monday for the SPX. When this trade deal goes through in the near future expect to smash right through the triple top. IF no deal is reached expect resistance at the 2815 level and a down turn. It's not a matter of IF but WHEN we get this deal done and expect the market to take off. Volume since December is higher than the volume before the crash. Only thing stopping this train is NO DEAL, take your chances of that not happening if you want to short. For me I'm betting on a deal in the short term and jumping on the train.
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