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Wait for PA, then try for short ! EXCELLENT RR - LONG TERM TRADE

FX:SPX500   S&P 500 index of US listed shares
LONG TERM VIEW SPX500            

On Wednesday, the S&P 500             opened the U.S. cash session (9:30 EST) lower only to close the day higher. Thursday, same action, different day. Friday presented us with the big miss in NFPs (worst since Sep ’10) causing the market to gap lower and then furthered its losses on weak ISM Non-manufacturing data; but once again buyers showed up despite negative sentiment early on in the day session. While the market didn’t close in the green as it had the prior two days, it did recoup most of its losses.

How do we interpret this price action? So far, it can only be interpreted one way – bullish . When early-day weakness is repeatedly viewed as a buying opportunity by market participants it demonstrates a firm level of confidence.

The low of the day came from just under 2085 (2084.25 to be exact) before the market turned higher. This furthered this level of support we have been discussing over the past week. As long as 2085 holds on a daily closing basis, we will maintain a neutral to bullish outlook. The sideways price action (consolidation) for the past week following the late May rise in conjunction with buyers showing up on dips should lead to higher prices in the near-term. If 2085 gives way, though, then we will shift our bias to the down-side, beginning with 2072 as the next level of interest.

Even with the market bullishly postured in the near-term, there is still plenty of resistance to overcome; 2105, 2111, 2116, then 2120’s up to the record high at 2137.

remi.cartier
7 months ago
Thank you, will see how this develops.
+2 Reply
NamNguyen5s
7 months ago
Do you think it will fall soon?
+2 Reply
FxcInvesting NamNguyen5s
7 months ago
Yes
+1 Reply
NamNguyen5s
7 months ago
Thanks for your respons. When do you think it will fall? And how high up it can rise?
+2 Reply
FxcInvesting NamNguyen5s
7 months ago
Nobody know when will fall and how much high will go sir..
+1 Reply
forexmech
7 months ago
Thanks Team. Looking forward to price action @ this level
+1 Reply
Jon88
7 months ago
Nice market analysis. Very precise and clearly presented. Appreciate it!
+1 Reply
Zentrades PRO
7 months ago
I think it's smart to respect the sideways consolidation and possible neutral to bullish position especially considering it has closed above all monthly level. If it goes it goes. Great chart and watching close to see the next move.
+1 Reply
docibby PRO
7 months ago
I think it is too early to sell, price will still try to break higher, even reach 2069, first target 2144. But you show important levels = thank you !
+1 Reply
anvil PRO
7 months ago
Had same thought and idea cheers
+1 Reply
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