Madrid

$SPX heading to 1900, Next psychological target.

INDEX:SPX   S&P 500 Index
110 2 1
If the current leg maintains its strength the $SPY will be heading to 1900 points in the next few weeks, and probably will be touching the upper trend channel at 1925. . Currently StochRSI is above 30% heading from Oversold to Overbought level, meanwhile the MACD Histogram is about to cross the Zero Line to the positive side, which are bullish signs.
What is going to happen next? After touching the upper channel resistance line it is very likely it will form a pivot point when the stochastic will have reached the Overbought level and MACD will be decreasing to cross down the signal line, It will go back to retest its 1850 support level. 1900+ and 1850 are key pivots.
I wouldn't go all the way in a long position, until the market confirms what it is going to do after retesting the Resistance level. My Neutral position is actually a cautious position.

Related Ideas

timwest PRO
2 years ago
Feel free to comment when you have a specific trade to take. I appreciate your comments and look forward to your trade recommendation. I am "following" you so I can catch when you give a trade.
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Madrid PRO
2 years ago
Today we had a close above 1873 looking to leave behind the 1850 Resistance level. The only thing I can say here is ... as long as the music plays, dance.
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