FOREXCOM:SPX500 After this big run up from October last year we are getting close to some serious headwinds. The major ABCD Pattern comes in a little higher around the 5220 area where there are multiple smaller TF patterns completing. I will post them after to show target areas. This ties in with the DXY completing an ABCD rally. If that turns lower then this run might continue a bit longer. Friday after a bearish Thursday is generally Bullish so watch thos key levels around 5220 later this evening. A break of yesterdays lows will open up the possibility of more weakness and a deeper correction..
Enjoy the day.
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Shorter term TF is looking for one more high.
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It needs to hold yesterday's low.
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After breaking lower on Friday we are now in a Key area with the potential of holding or having one more move lower into the March 11th Low. If it starts breaking last weeks lows then it might be more of a Bearish tone for a couple of weeks. Monday will be key. Weekend markets are quiet with little movement.
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🔴S&P500 - We didn't get that extra low I was looking for over the weekend instead its just drifted higher. We now have different types of correction to watch for. The first one is a PB into Fridays close to close the gap then rally from 5117. The other option is the deeper correction down towards 5080. We also have the US Interest rate decision this week as well. Always fun to watch. 🧐🧐
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Its FED Day so look out for a bit of violence in the markets. Im expecting the same narrative from Mr Powell. If we look at all the US Indices they all have higher targets to hit first before a decent correction. That spike might come this evening but either way best to watch and then after the fireworks we can get a better read.
Enjoy the day.
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After rallying late in the week, we are now looking at higher levels around the 5300 level but looking for a nice set up coming Monday. No major data until later in the week so it could be choppy. We also have the full moon to contend with and we are at extreme levels so a correction is in order. The next couple of days are crucial.
Enjoy the week.
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Morning Guys, Just a quick intra-day update after the overnight session. Not much action but we did complete the ABCD down and are starting to see a move off the low in a Asian session drift. This can see us move to the higher targets around 5280-5300. I will update later as we go along.
Enjoy the day.
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Quiet day Thursday due to holiday but we are still looking for higher prices towards 5300. Monday/Tuesday is a major CIT Window we need to watch. Inflation data out today when the market is closed might create a gap up or down Monday morning so watching the futures open will give us a clue.