S&P 500, buy the dip, target re-test of 2100

FX:SPX500   S&P 500 Index
341 0 6
All reasons why the S&P 500             is a buy here:

  • Last daily close was bullish
  • The price is above the weekly S1 pivot
  • The price is above the 20 day SMA and above the 20 day EMA
  • The price is above the 50 day SMA and above the 50 day EMA
  • The price is above the 200 day SMA and above the 200 day EMA
  • The price is above the regression channel mid-line
  • There is some space to fill after the recent decline
  • The DMI trend remains bullish

All reasons why the S&P 500             is a sell here:

  • The rally might still be overbought and volume was fading a lot recently
  • The MACD is bearish

Long entry: 2080
Stop loss: 2065
Target: 2095
Comment: The price started to re-test the 2100 area and went up on Wednesday as high as 2091.9 since my long forecast at the 1980 area. But overall so far a bullish trend change got rejected with the price closing lower. This is keeping the price on the edge of the brink to fall lower :/ But at least the low was higher than the previous two days before, with 2072.6. So there is still hope for more consolidation and stabilization of the price even below the weekly S1.

Comment: My 'buy dip idea failed'. Price only got back up to 2091, therefore 2100 got rejected as seen on my last update. I then had hope the bulls would take out the doji on the next day, which would have created a big short squeeze. It didn't happen and simply fell apart surprisingly without any stop hunt of shorts.

The longer-term DMI trend has now turned to bear after the recent decline:

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