S&P500 future - After previous analysis, the 3678 price held and we reached our goal of 3800 - 3850 and 3870.
Bear scenario:
It is important for bulls that the price zone at 3800 – 3820 not undercut. Should this price zone be undercut, a correction could push the bulls back into our price zone of 3778 and 3737 – 3706 – 3680.
Bull scenario:
The next upside target is at 3860 - 3870 and then 3900 and above – upside and downside targets see chart.
Trend analysis assume that an initial correction will begin in week 2 and week 3. The market could then come under pressure. The structure of the market currently does not allow a medium term sell-off. This could change over the week but there is no trend reversal in sight.
If we break resistance it become support If we break support it become resistance. Buy and Sell confirmation: Bull market don’t buy if the RSI is overbought always wait for pullback. Bear market only sell when the RSI is overbought.
Keep it simple and trade with the trend – you will never loose and live 10 years longer!
Bear scenario:
It is important for bulls that the price zone at 3800 – 3820 not undercut. Should this price zone be undercut, a correction could push the bulls back into our price zone of 3778 and 3737 – 3706 – 3680.
Bull scenario:
The next upside target is at 3860 - 3870 and then 3900 and above – upside and downside targets see chart.
Trend analysis assume that an initial correction will begin in week 2 and week 3. The market could then come under pressure. The structure of the market currently does not allow a medium term sell-off. This could change over the week but there is no trend reversal in sight.
If we break resistance it become support If we break support it become resistance. Buy and Sell confirmation: Bull market don’t buy if the RSI is overbought always wait for pullback. Bear market only sell when the RSI is overbought.
Keep it simple and trade with the trend – you will never loose and live 10 years longer!
Germany30 and S&P500 Intraday analysis August 23rd. and weekly update 34. Posted at twitter: twitter.com/SP500_Dow