S&P 500 on the next leg of it's parabolic move
Previous analysis/position: Made a post with a long entry on July 13th. I did not like the bearish doji (daily) from yesterday that came right after we broke resistance and had bullish price fill on the TD'. Very happy to see current bullish marubozu with another green 2 above a green 1. Long from $2,808.35.
Patterns: Going parabolic. Approaching all time high reminds me of the infamous double top on 2008.
Horizontal support and resistance: S: $2,816 R: $2,850
9 & 21 EMA’s (calculate % difference): 9: +0.45% 21: +0.67% | Bullish cross
50 & 200 MA’s: 50: +1.10% 200: +2.59%
FIB’s: 1 = $2,873
Candlestick analysis: Bullish marubozu (daily, weekly, monthly)
Ichimoku Cloud: Fully bullish (daily, weekly and monthly)
TD’ Sequential: Green 2 above a green 1 (monthly) | Green 3 above a green 2 (weekly) | Green 3 above a green 2 (daily)
Visible Range: Last significant volume profile was $2,830
Bollinger Bands: At top of daily band. At top of weekly band (this is when it has made it strongest moves over the past year).
Trendline: Parabolic line starting in July 2010. Bottom of May 2nd to bottom of June 28th could be the next wave.
Daily Trend: bullish af’
Fractals: Broke up: $2,815 Top: $2,878 Down: $2,787
On Balance Volume: Weekly shows a small bear div'. Monthly has a bull div' with volume at a new all time high
Chaikin Money Flow: Bear div' on monthly. Weekly and daily look healthy.
Conclusion: Very confident that we are in for new all time highs. TD’ Sequential shows this run has plenty of room to go and the volume profile shows very little built up resistance. Buying right now doesn’t feel like the best entry to me but it could be justified with the TD’ Sequential. A pullback to $2,820 feels likely at some point and setting an order there would make me feel more comfortable. As it stands I am fully positioned and don’t plan on taking profits until a 9 on the TD’ sell setup.
Patterns: Going parabolic. Approaching all time high reminds me of the infamous double top on 2008.
Horizontal support and resistance: S: $2,816 R: $2,850
9 & 21 EMA’s (calculate % difference): 9: +0.45% 21: +0.67% | Bullish cross
50 & 200 MA’s: 50: +1.10% 200: +2.59%
FIB’s: 1 = $2,873
Candlestick analysis: Bullish marubozu (daily, weekly, monthly)
Ichimoku Cloud: Fully bullish (daily, weekly and monthly)
TD’ Sequential: Green 2 above a green 1 (monthly) | Green 3 above a green 2 (weekly) | Green 3 above a green 2 (daily)
Visible Range: Last significant volume profile was $2,830
Bollinger Bands: At top of daily band. At top of weekly band (this is when it has made it strongest moves over the past year).
Trendline: Parabolic line starting in July 2010. Bottom of May 2nd to bottom of June 28th could be the next wave.
Daily Trend: bullish af’
Fractals: Broke up: $2,815 Top: $2,878 Down: $2,787
On Balance Volume: Weekly shows a small bear div'. Monthly has a bull div' with volume at a new all time high
Chaikin Money Flow: Bear div' on monthly. Weekly and daily look healthy.
Conclusion: Very confident that we are in for new all time highs. TD’ Sequential shows this run has plenty of room to go and the volume profile shows very little built up resistance. Buying right now doesn’t feel like the best entry to me but it could be justified with the TD’ Sequential. A pullback to $2,820 feels likely at some point and setting an order there would make me feel more comfortable. As it stands I am fully positioned and don’t plan on taking profits until a 9 on the TD’ sell setup.
Comment:
Stop loss has been moved up to $2,784 based on the most recent Bill Williams Fractal on the daily chart.
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