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.
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.
Comment:
SPX is at multiple indicator consolidation zone 2707. It should remain above 2708. for a better further move.
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 MA100....giving 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...