fxtrader66

SPX Observation

SP:SPX   S&P 500 Index
The monthly chart is showing price is attempting to retest old trendline support as resistance. 2008 when price broke below TL support 2003 thru 2008 price tested it as resistance will price try to retest it as resistance.

I do not know if the SPX             will trade up to its old channel with summer starting in a few weeks, but if it does, I would look for resistance to short. Currently this level is around 2000.

My plan is to buy support with a tight stop as long as support holds. Support breaks will look to sell the market. I will admit, entering June I would not be surprised to see the SPX             pullback and was thinking it would have already started. However, price is indicating it is trying to go higher and am not going to fight price action.
problem is that its riding upper BOLband for over a week. pullbacks have been .05% and every 4-5 days! no vol to speak of. I've been waiting for 1800 that we were 'supposed to have' for 6 months! can only nip at this action. If i go out a 2-3 mo. long call, it'll decay or SPX will tank 7% over night! I've never seen ANYTHING go STRAIGHT UP for 5 yrs....or even 2 years.
+1 Reply
fxtrader66 MoCooter
The market can stay in overbought conditions in a strong bull market. The more traders short and new highs continue, the shorts will squeeze price higher. Its when the majority flip and go long is when the market will experience a good correction.
+1 Reply
Why is it that these charts are one day late with the stock prices?
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fxtrader66 Will Wong
Only pro members get live charts, non pro are EOD End Of Day
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Nice chart i didn't think about thanks !
+1 Reply
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