SPX Look Ahead for week starting 1/12/20

OANDA:SPX500USD   S&P 500 Index
The S&P 500 is in a long-term Bull Market with price trading above the 50 and 200 and 800 week emas. The 50 week ema is up trending with the market putting in a long green candle to cancel out the prior weeks doji . Price would have to drop all the way down to close below 3151 before we would consider the market to be correcting, and the median price on the weekly is all the way down at 3125, showing just how over-extended this market is.

The Market is in a Long-Term Bull Market on the daily, with the 50 ema above the 200 ema and 800 ema . Price is consolidating sideway, but has yet to close below the 13 ema at 3240. Price has been testing the median Bollinger price level currently at 3240 and has been distributing between 3210 and 3260. In the overnight futures Tuesday last week, the market crashed all the way down to 3180 as a result of the rocket attack on the US base in Iraq. Friday’s price action produced a dark cloud candle pattern, which has yet to be confirmed.

The Market is in a correction of a Bull Market on the 4 hour, with price closing below the 13 ema but above the 50 ema , which is above the 200 ema and 800 ema . I expect a test of the 30 ema down at 3258 or the 50 ema at 3249 next week, which would allow for a nice stop hunt below a prior low. If war starts in the Middle East, we could see a test of 800 ema down at 3052, which isn’t likely (this week). Additionally note, the 1 hour 200 ema is down at 3248 as a potential target.

This week is going to be all about whether or not the S&P is going to close over 3300. I fully expect Bubble Vision to get all in a lather about it, “Will it make it today?”, “Will the Market close over 3300 on this attempt today?” Retail investing will also be worked up, and get all in on the act, DJT will tweet up a storm, and the Market Makers will play Pull the String, with 3300 just out of reach…

This is my SPX 500 look ahead for my own trading purposes. FUTURES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
Trade closed: target reached: Not even remotely Bullish enough. This is a parabolic melt-up...


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