S&P500 - SHS - 2040 key level

FX:SPX500   S&P 500 Index
132 1 4
Hi all,

Earnings season will start this week and it's OPEX, so it should be another interesting week!

Some things to keep in mind:

Swing Alert and SuperTrend - The only thing that matters is the TREND. And for the short term, since the 63 day cycle APR             4, the S&P500             sets Lower Highs and Lower Lows. Furthermore, the Swing Alert S&P500             changed to a short signal APR             5. That would indicate you should be playing the short side < 2080 (E-mini 2070). For the medium term (weekly chart), the trend is up since FEB 11 and will stay in an uptrend if a Higher Low > 1800 is formed. Since MAY 2015, the S&P500             is in a downtrend < 2135. The longer term chart, monthly, is still in an uptrend and provides support @ 1770 and 1830. The SuperTrend indicator is on a Buy the Dips > 2021.

(inverted) SHS             patterns - The pessimist sees the SHS             pattern, neckline @ 2040 and target 2010 if the 2040 breaks to the downside. The optimist sees the iSHS --> 2070 neckline and target 2100 if 2070 breaks to the upside.

Cycles - APR             11/12 and 14 for this week (see Swing Alert page). This Friday, APR             15 = OPEX.

Elliot Wave - the wave up since FEB 11 could be counted for as the 1st wave up of this final V up into new ATH's. Now, we should expect to see 2-V down, targets 2000-20 (2a), 2040-50 (2b) & 1930-70 (2c). Longer Term: into end of year --> this V up should consist of 5 smaller waves, 12345, and set new Highs. After that, brace yourself.

RSI - Bearish Divergence and Negative Reversal, pointing to a risk for long positions.

Fibonacci @ 2010, 1970, 1940, 1930, 1910.

Support & Resistance - Key Levels to watch are 2040 and 2070 & 2080 (High APR             4).

Enjoy the weekend!
Great comment. Most don't understand the importance of OPEX week, particularly those in April. At Friday's close there was a huge order imbalance in SPY (buyers exceeding sellers) and in ES over 20K contracts were bought in the last hour of trading, bringing the order balance to 27K net longs. Looking for SPX to test the area of 2080 to 2094 area and, then, move down.
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