Today's Important Bullish Reversal from Primary Support at 2960, was both noteworthy an material and brought price right back to the mean at 2980.
Just follow this. It's quite simple.
Today's 20 handle reversal back to 2980 open's the possibility of a renewed upward 20 handle thrust, stacked on top of 2980,..and going back to guess what ? S+P 3000
This week's quarterly rollover in S+P 500 Futures from Sept.to Dec.2019 historically has provided the "fake out", prior to the actual rollover as occurred today, are often times whipsawed, or "faked out", just at the wrong time by price movement as the bears were today.
A rally to and above S+P 3000, to my eyes, would be more significant,should it occur this time. and would give added velocity to the you know it's coming run,.. back to the all times highs, and potentially beyond.
Today's Low at 2957.01, should be used as a LONG STOP, until further notice.
As always trade will discretion and purpose. Risk of loss can be substantial. This is a current market evaluation, subject to change, and should not be considered trading advise of any kind.
Hi
You're spot on with the stop level 2957.01 based on my Elliott wave analysis a break below this level could be bearish.
I disagree that near term the SPX could be headed to 3000. Please see my 9/10/19 post cautioning about entering long positions.
Mark
ctz69
⋅
Want's? Wow, that's some 1st grade English there.
supere
⋅
As always I like your idea. However, as you know i'm of the opinion that this market is in a state where it will do just the opposite of what technical indicators suggest, especially at breaking points; so it will now likely reverse course yet again.
The_Unwind
⋅
@supere,
\
Yes.
And that's an excellent point. Thank you for pointing that out here.
Be on a alert as a downside break below today's low
could gain equal velocity to the downside.
You're spot on with the stop level 2957.01 based on my Elliott wave analysis a break below this level could be bearish.
I disagree that near term the SPX could be headed to 3000. Please see my 9/10/19 post cautioning about entering long positions.
Mark