S&P 500 Update SPX500USD
The long was triggered right on the highs yesterday and was
stopped out for 2 points loss.
A short was was then triggered from 2903 to the 2894.4 line
but the low is 2895 and it's sticking. Not great all in all.
Have closed out as it looks to be sticking for now.
There's a little head and shoulders forming right now with a
minimum downside target at 2871 should the neck-line at
2894 break later on today.
It should try to rally away again on the open - or at least to
cling to the neckline for as long as possible...but looks
unlikely to be able to get far to the upside if so. The best it
looks able to achieve is a counter rally to 2903.
There is some minor support extending from 2894 down to
2891 which might hold up the decline to begin with but once
2891 gives out it should fall back to 2876 at least and more
likely to the 2871-2869 range.
On the upside this index is in danger now due to the presence
of that H&S.
To escape this clear and looming danger the S&P will have to
find buyers enough to break above the right shoulder at 2904 to destroy the pattern now forming. Need to to see this price action to flip this index back to positive again from this point.
In its favor, so far, the upper major dynamic has not been broken yet. It can't fall away hard until it does. It's right on it as this goes live. Wait for it to break and follow it if it comes with stops 3 points higher.
*For real-time major market updates please see link at top-left of main page
The long was triggered right on the highs yesterday and was
stopped out for 2 points loss.
A short was was then triggered from 2903 to the 2894.4 line
but the low is 2895 and it's sticking. Not great all in all.
Have closed out as it looks to be sticking for now.
There's a little head and shoulders forming right now with a
minimum downside target at 2871 should the neck-line at
2894 break later on today.
It should try to rally away again on the open - or at least to
cling to the neckline for as long as possible...but looks
unlikely to be able to get far to the upside if so. The best it
looks able to achieve is a counter rally to 2903.
There is some minor support extending from 2894 down to
2891 which might hold up the decline to begin with but once
2891 gives out it should fall back to 2876 at least and more
likely to the 2871-2869 range.
On the upside this index is in danger now due to the presence
of that H&S.
To escape this clear and looming danger the S&P will have to
find buyers enough to break above the right shoulder at 2904 to destroy the pattern now forming. Need to to see this price action to flip this index back to positive again from this point.
In its favor, so far, the upper major dynamic has not been broken yet. It can't fall away hard until it does. It's right on it as this goes live. Wait for it to break and follow it if it comes with stops 3 points higher.
*For real-time major market updates please see link at top-left of main page