HAL9000

S&P on hold

SP:SPX   S&P 500 Index
CONSOLIDATING AFTER THE RIDE - After multiple upside breakouts in the past 6 months, including breaking a previous historical high, the S&P500             currently seems to be in "waiting" mode but with a long bias, trading between its 50MA and 100MA ranges.

FUNDAMENTALS ON HOLD - Last week was mostly about waiting for the Fed to speak ( bear flag ), until a rather dovish central bank took the market higher (Fed relief). This week is mostly about the upcoming US presidential debate and OPEC meeting. Earnings season also starts next week. Expect this uncertainty to bring some volatility .

TECHNICALLY: LITTLE CONVICTION - While the bear flag was invalidated towards the end of last week, it did so with only mild confidence - The index remains above the top of the flag but below its 50MA. Short bias below 2160. Long bias above 2165.

TRADING CONCLUSION - I would refrain from trading the index until we get a better directional indication, hopefully this week.

FOR THE BULLS - Die-hard bulls would want to purchase SPY             Oct 21 219.50 calls and pay a small premium (0.85 cents/share = 0.39%) to get exposed to a further breach of the most recent historical high, with minimal risk.
Comment: Second FAILED attempt at an upside breakout.
We are now back in the bear flag, and the market is feeling "heavy".
Awaiting proper breakout before taking any action on the index.
My sentiment is turning bearish, though.
Comment: Although we are technically above the bear flag resistance, we are still stuck below the 50MA. This upside breakout is unconvincing for now. Current SPX strategy unchanged: Do nothing until we get a better directionality.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out