Once more and one last time, we are looking at the S&P 500 Index (SPX) daily chart... We continue to look, feel, and detect bearish/red.
The SPX is now resting on support marked by MA200 (3020.95) and EMA50 (3004.29) while the red trading volume is increasing. The RSI is trending down and the MACD on my chart is gone.
If you would like to see the next support levels, feel free to visit my last SPX chart. We are likely to see a break of support (drop) next.
Thanks a lot for your continued support.
Namaste.
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We remain of the same view... So far we are looking at a lower high and no real momentum.
For us to switch from bearish to bullish on this set up, we would need the last high to be broken on good volume.
End of trading week with a weekly gain of roughly 4%. Some big news points came out over the past few days that the market took as positive. Will you be doing more posts on S&P? I am interested in your views and if you feel your analysis above still the same. Thanks.
I will post a new update/chart for you likely today.
Hope that helps.
Namaste.
XYZ-Trader-
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Today was a nice rally in the market and crypto. Does today's move affect your analysis? Price tested and bounced of 3000 support immediately and closed at 3050.
AlanSantana
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@tradeMeOut, Not much... I am still of the same view.
The same looks technically the same in many ways.
Bloedrivier
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Thank you Mr Masters. This might mean more red for crypto this coming week. Hope we're not going below $8,000.
AlanSantana
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@Bloedrivier, Not Crypto... Bitcoin and a few of the top Altcoins... The other few thousands of altcoins, after an initial retrace/correction, will continue to grow.