The Market is in a Long-Term Bull Market on the daily, with the 50 above the 200 and 800 . Price is consolidating sideway, but has yet to close below the 13 at 3240. Price has been testing the median price level currently at 3240 and has been distributing between 3210 and 3260. In the overnight 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 but above the 50 , which is above the 200 and 800 . I expect a test of the 30 down at 3258 or the 50 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 down at 3052, which isn’t likely (this week). Additionally note, the 1 hour 200 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. trading involves risk. Feel free to comment, but trade off of this post at your own peril.