This weekly picture shows why SPX may have been supported in the last few weeks.
SPX is still supported by the key trendlines coming from Mar09 and Aug11.
It is becoming clear that the impulsions on support zone are getting less and less powerful.
The time is counted before a significant drop that time starting on the 20th June 2015 at the latest.
Last resort support/pivot: 2040 in daily/weekly close.
Trading: running short and will take profit at 2040ish.
Comments
reluctantplumber
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A close above 2098 takes us to 2130 ish before 2098 is re-tested.
YaKa
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Rob, you gave us the top it seems:)
YaKa
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Now i agree though, after this dive any close above 2100 today until friday could be bullish for a few weeks.
reluctantplumber
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The index is certainly running out of room. If we cant get a decent correction within the next 30 days then I'm going to shut my computer off for the rest of the year:)
YaKa
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Nope - if there is no correction in until the 20th of june which i suspect... That will the exact perfect entry.
I am short now but would take profit at 2040 which is very close now/coudl be done in the next 3 days...
Then i am not sure but we may have the move to 2140 you keep talking about and it may take up to the 20th of June go get there which would coincide with the quarterly option expiry..
Time wise the 20th of june would make this rally from Oct14 the longest we would have experienced since mar09. Also a good short from this point of view + 5 waves etc.. etc..
reluctantplumber
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S&P messed up my chart today. I was actually expecting a close at or above 2098. If it breaks my second line at 2075, then I am lost. I think if 2040 is in the cards then it could go much lower. I do have some shorts to sell at that point but I was holding out to top them off.
YaKa
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From what you just wrote: i think you rely too much on key points on your charts.
in essence Sp500 is in a range 2040/2120 and could be doing 3 oscillations before attempting higher or not.
there is no particular level that is so magical here... even less within the range.
If 2040 is reached, i like the idea of a bear trap on "sell in may" and squeeze to 2140 but that is totally speculative and i would manage it very tactically.
Surely 2160/jun15 would be a strategic short but anything in between is hasardous
reluctantplumber
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Could be that I will need to erase and re-draw. You are correct though, I have very little patience:)
YaKa
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Rob - for you - It may do that - just my feeling for a while and the reason why i ignored the mini fake breakouts above.
reluctantplumber
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Looks like the 2075 is going to hold. I did not erase any lines yet. 2117 may provide a little resistance before moving to the 2130. From there 2040 is a good stopping point. All my humble opinion:)