S&P500 is trading inside an Ascending Triangle pattern with the price over the July 27th Top (R1) and bullish on the 4H technical outlook (RSI = 63.128MACD = 5.390, ADX = 23.122). Until the HH and more importantly the R2 level break, we will be bearish, targeting the S1 (TP = 4,550). Below the S1, the 4H MA200 is the target (TP = 4,480). If the price crosses over...
📊 Market Sentiment: Bullish
The current market sentiment is bullish, as indicated by various key factors. The closing prices are consistently above the Exponential Moving Averages (EMAs) for 9, 21, and 55 periods in both the 4-hour and daily datasets, highlighting a positive trend. Additionally, the market is maintaining levels above key support zones while...
📊 Market Sentiment: Neutral
The immediate market conditions lack a strong bullish drive, thus leaning towards neutrality in the short term.
🔄 Market Recap
November proved to be a bullish month, with the ES rallying over 450 points, demonstrating remarkable resilience. However, since November 20th, ES has been in a consolidation phase, oscillating within a...
Yesterday market sold off and closed at its Low. This morning it is trading at bottom half of yesterday's RTH session.
Any test of ETH session High could provide direction for the day.
Level to watch 4570 --- 4568
Report to watch:
US:EIA Natural Gas Report
10:30 AM ET
What do you think?
History Does Not Repeat Itself, But It Rhymes
-interest rates are about to decline
-VIX options P/C ratio of December is about 0.5
-technically we are at top (spy)
8,12,13 of December market will decide.
📊 Market Sentiment: Neutral
We remain in consolidation, holding between 4550-55 support and 4575-80 resistance.
After rallying 460 points from October 27th to November 22nd, ES has been stuck in consolidation for two weeks. The market has been largely stuck between 4550-55 support, and 4575-80 resistance, making the round trip countless times.
I've been waiting for this moment for the past two years. Over the next week or so, I expect a high to be put in on the stock market at ~$441-$446, and then the market will be in down only mode for the next 6 months to a year.
I don't take joy in seeing the market fall, but from a trading perspective these opportunities only happen once every 10-15 years and...
AMEX:SPY chart analysis/mapping.
Spy ETF strong rally throughout November - is it due for a pullback in December?
Continuation rally #1 = gap fill / ascending trend-line (white) confluence zone.
Shallow pullback #1 = descending trend-line (light blue) / 78.6% Fib confluence zone.
Shallow pullback #2 = Golden Pocket / descending...
The SPX consolidation around the orange downtrend line is confusing every chartist out there for good reason. Why-because it is giving off conflicting signals and history really isn't much of a guide.
Typically when you draw a monthly downtrend line using 3-6 months of a trend line and then you have an monthly open or close ABOVE the downtrend line (orange line...
This evening I was watching TV and I get an email alert. The title of email, “Wall Street’s 2024 SP500 forecasts are out, are you positioned?”, … and to my surprise (not really) the future looks bright for the US stock markets next year. I immediately thought to myself…What did I click on to get this garbage? LOL Truthfully, I didn’t think that…I eagerly went to...
S&P500 is overbought on its 1D technical outlook (RSI = 72.156, MACD = 58.110, ADX = 59.863), a logical outcome considering the aggressive nature of November's rally. This rally is the HL rebound on the bottom of the 1 year Channel Up and is more effectively understood with the help of the Fibonacci levels and ranges.
The price has been trading all week inside...
After reanalyzing the S&P 500, I've made significant adjustments as the previous scenario didn't quite align. According to my current assessment, the upcoming weeks and months might unfold as follows:
I still believe that a Wave 5 emerged in January 2022. Subsequently, we experienced a Double Zigzag descent to the $3500 level, where Wave A formed with another...
The US government is well on its way to going into lockdown and shutting down the economy as policymakers are deadlocked over the national budget for the next fiscal year.
While leading stock market strategists are not yet terribly concerned about such perspectives, and entertain hopes that investors have a high probability of "getting away with it" with strong...
The S&P500 index (SPX) is turning sideways following the enormous rally of November, which is close to being the best in history. That is a natural technical reaction by the market in an attempt to normalize the largely overbought 1D time-frame.
This sideways trade that indicates a potential exhaustion, is complimented by the Bearish Divergence on the 4H RSI,...