S&P 500 - Market Status

SPCFD:SPX   S&P 500 Index
SPX is finding huge support at daily MA200 and weekly support line (it is in a triangle on a weekly scale). If it starts going up from here it should touch consolidation zone 2750. But in terms of daily time scale there is weakness until 04/09 and on weekly time scale there is weakness in market until 04/30. If it starts going down it could hit 2450. Also basic triangle pattern indicates market uncertainty. So expect market to remain highly volatile in April as well...with a possible trading range of 2750-2450.
On fundamental scale...I don't think trade war situation has gone to back stage. If Trump convinces Europe to fine China for stealing technology then it will put a huge pressure on Markets...even if China bends down a little bit...the overall tariffs hurt US and Europe more than they hurt China.
Apr 12
Comment: Markets are at very interesting state right now. This is what I see now...
1. Weekly - Two more weeks downtrend
2. Daily - 10 days uptrend...contradicts with weekly...means Volatile market. Market has found support at MA200 and has moved above 0.3 Fib level...
3. Hourly - Market is facing resistance at inverse H&S (two shoulders) neck line (and that line is very close to fib line 1). Also price has consolidated above MA100 and MA50 has gone above a bullish signal. Now, price has to cross 2671 with a strong strength that will lead it to 2745 (fib 0.6 and previous consolidation) level.
4. Earnings tomorrow and Monday will be key...
Apr 17
Comment: SPX is at multiple indicator consolidation zone 2707. It should remain above 2708. for a better further move.
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