Technical Analysis and Outlook
The index closed down sharply lower over 50 points on Friday, in the process destroying Mean Support 2633 which was part of Stage 1, revisit the Key Support 2583 as well as Inner Index Dip 2584 is not out of the question at this point.
However, without giving it all out, there's a particular market symmetry to precisely how this postulated Trade Selector Signal system price-action-time-visibility at work in the markets. And in line with our thinking, our projected outcome while back flagged that the S&P500 will trade down to Outer Index Dip 2527 by the end of this week.
On Monday, trading might go one of two ways: One scenario is that the Federal Reserve could get involved in a 'big' way and shove out more than enough money via their N.Y Fed trading desk to continue to make an effort to steer clear of connecting with Key Support 2583/Inner Index Dip 2584.
And the second possibility might be a Monday late-session rally so that the 'big money' will be able to keep on selling early in the session to weaker hands by pulling something like a minus 500 opening downer.
See 'Market Commentary', and a new Article 'Euro To Dollar Seasonality: Which Will Prevail?' Highly recommend, giving it a read: See 'Blog' Tab.
The index closed down sharply lower over 50 points on Friday, in the process destroying Mean Support 2633 which was part of Stage 1, revisit the Key Support 2583 as well as Inner Index Dip 2584 is not out of the question at this point.
However, without giving it all out, there's a particular market symmetry to precisely how this postulated Trade Selector Signal system price-action-time-visibility at work in the markets. And in line with our thinking, our projected outcome while back flagged that the S&P500 will trade down to Outer Index Dip 2527 by the end of this week.
On Monday, trading might go one of two ways: One scenario is that the Federal Reserve could get involved in a 'big' way and shove out more than enough money via their N.Y Fed trading desk to continue to make an effort to steer clear of connecting with Key Support 2583/Inner Index Dip 2584.
And the second possibility might be a Monday late-session rally so that the 'big money' will be able to keep on selling early in the session to weaker hands by pulling something like a minus 500 opening downer.
See 'Market Commentary', and a new Article 'Euro To Dollar Seasonality: Which Will Prevail?' Highly recommend, giving it a read: See 'Blog' Tab.