Technician

A Quick Technical Note on the U.S. Stock Market

SP:SPX   The S&P 500 Index
1724 7 57
Technically, we are in a sideways market.

A breakdown below 1821 is still not there. And therefore, no new long term bear trend was established..
The recent rejection and buying pressure at that level(1821) suggested that we will probably be in a tug of war between buyers and sellers, and could witness more indecisive sideways fluctuations.

Key Levels outlined on chart.

Regards,
Technician
http://thefxchannel.com/

Latest trading ideas: https://www.youtube.com/channel/UC02s7uiUQl55HkhHZDM6eUw/videos

Free Telegram Channel: https://t.me/technician_forex_trades

Trading Signals Redefined: https://thefxchannel.com
Totally agree, if you like round numbers like me, 2000-2100 seems to be a good place to short this bounce
+1 Reply
Technician,
Thank you for your post.
So, would you consider this setup a good risk reward situation to go long?
Reply
You might be right.

Then again…

After testing 1820 twice (2014-04-21 and 2014-10-13), price pierced it and went to 1812, then peirced it again right away, hitting a new low of 1810. The 1820 level has been tested and pierced through. Then we got a bounce. Will the bounce continue? It might…

Or will price turn downward. And if it does, where is the next level of support?

Last week (ending Feb 26) saw massive buying, and in some of the worst stocks. NUS, P, RACE, TSLA all of which had *terrible* earnings reports. Massive bounces in JNK, HYG, neither of which seem to have reached a bottom (no price consolidation, bullish reversal, double bottom (adam & eve, etc)). I'm a bit skeptical that the bounce will continue upward much more, if at all.

I would not be surprised to see SPX at 1688 or even 1550 in two weeks.

I'm net short, but with what appear to be fundamentally weak aforementioned stocks/ETFs that have already bounced up, some as much as 30%! I am not myself short SPX / SPY, but short seems more reasonable here. Ditto for for the Russell 2000 IWM. I'm a beginner, and I don't have good entry points for the aforementioned stocks, nor the SPY.

Thank you,
Reply
Thanks Tech! Do you see any significance to the weekly closing prices being lower in the current weekly cluster vs the Sept '14 weekly cluster? 1920 seems to be a significant price level.
Reply
Technician TOP smitheric1970
Hello mate. I am treating this whole area among 1820-1867 as a long term support zone.
Reply
as usual perfect ...thanks tech
Reply
Thanks pardis
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out