SPX hits rock bottom for Q4 2018 witnessing radical volumes of short selling before end 2018.
Due to uncertainty of the market after SPX hits 2680 (support line),
US stock markets has turn into aggressive volatile waves. As shown on picture above, the upside down chart indicated two resistance lines created from the downfall.
first resistance line at 2800 was tested two times after SPX try to bounce back from the -6%~ bearish trend. Similar to 2nd resistance line at 2741, the first bounce breakout was succeed to go through however was declined right after the wave hits 1st resistance.
According to TA at 1-4H timeframe, currently SPX is on favors to be bullish. If it go through 2741 (which will be likely). So it can be conclude that 2741 will be a new support line for this week. RSI indicated a 50:50 ratio conditions. While ICloud favors on bearish no signal for bullish.
MACD shown a bullish signal for 1-4H, while 1-45 Minutes indicated vice versa. For daily trader the range for daily scalping within 1-45 minutes timeframe is 2741 (Max resistance) to 2690 (Min Support).
Another view on diagonal support line was formed to conclude an EW possibilities; Grey EW is a bullish view with condition that the wave didn't under vine the diagonal support line. if it does a bearish red EW will likely to appear.
Previous close market under seen unfavorable long percentage increased around +0.36% with oil only +0.34%. Will SPX rise on top of bullish perception?. Or undergo consolidation phase with bear?.