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.
- 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.
- Divergence and Negative Reversal, pointing to a risk for long positions.
Fibonacci @ 2010, 1970, 1940, 1930, 1910.
- Key Levels to watch are 2040 and 2070 & 2080 (High APR 4).
Enjoy the weekend!