Part of my ongoing analysis of the Stock Market (see links below).
SPX bounced with vigor from the exact zone expected. The bounce is clearly slowing while hitting resistances. Expecting a "healthy correction" to recent vertical leg.
2900-2903 may well have been the top for now. 2931-2945 may be tested for end of Impulse wave. 2959-2964 can be a dangerous top with sharp drop.
2961-2864 would be Ultra Bullish bounce to possible new highs. 2836-2840 would be Expectable retrace for Healthy Correciton. 2798-2802 must be Held in order to preserve uptrend movement.
Previous Analysis (click):
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Here we are, at what I thought would be "Likely Top" but Trump is tweeting about the Fed and apparently that gave markets a boost. But lets see if the boost can carry it through resistance.
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So after FOMC signalling cuts, here we are at the "Overextended top"
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So here we are, after absolutely prefect Fib action back testing previous resistance fib. This is a key moment, break of this support could start a much deeper correction.
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Support Broken! Some news came out and Bang! Amazing how news so often "happens" at exactly the right technical juncture.
Spot-on analysis! On lower time frames, support level $2931.7 seems to have already been broken after only 2 hours of "resistance" (and half an hour before FED Chairman Jerome Powell's long-awaited speech to the Council on Foreign Relations in NYC).
When confirmed on higher time frames this can soon get a really exiting accelerating "ride" to the downside. Trump might have probably been a little too hasty with the self-praise tweet about the most successful stock market month of June ever. We will see. You never know...
EuroMotif
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@ReallyMe, Hello again,
Thanks for the news update! I am away from TV and good internet right this minute :(
This could indeed accelerate now, it was quite stretched and waiting for a catalyst.
It is also AMAZING how news "happens" at exactly the right Technical moment ..... hmm.....
:)
ReallyMe
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@EuroMotif, Hello there, Yes, the timing is quite strange. Such a coincidence Sometimes I wonder if the news influences the prices or is it the other way around.
The announced "news" at which it fell on a cue this time was after Fed President James Bullard made some comments to the media and weakened market expectations for a 50-point cut next month. Sometimes I think if the price trend is already unpleasant, some "news" is delivered to the crowd so that everyone thinks it really has something to do with it.
But what is really the cause and what is the effect? ;-)
ReallyMe
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Excellent prediction so far all drawn resistances visited and tested.
EuroMotif
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@ReallyMe, TY!
And agreed with our chart below, correction might be due.
I do think Trump will keep it up there one way or another.
But once he is out of office, lookout below!
ReallyMe
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FWIW, I could imagin S&P doing a major corrective cycle like this (lessons from the past)
When confirmed on higher time frames this can soon get a really exiting accelerating "ride" to the downside. Trump might have probably been a little too hasty with the self-praise tweet about the most successful stock market month of June ever. We will see. You never know...