We have failed to hold lower and have seen a bounce and hold of those levels.
SPX key areas is 3280F, Bullish on hold above and bearish below.
Hold above 3280 for a test of 3308/ 3324
Hold below 3280 for a move back to 3250
NAS 10955 key reference areas, Has been the stronger of the two hence will expect to lead the way...
SPX looks oversold on the 4 hours chart, so we can expect a bounce since there a are a lot of investors who want to buy every dip.
In the bigger picture, P&P 500 is bearish on 7H and 3 day (one of my favorites) timeframes.
Extending the Fibonacci retracement tool we can see that the lowest it can go is the 2735usd. That is the 618 level, the ideal spot to enter!...
Yesterday's afternoon rally seems to have hit resistance at Fibonacci 1.272 extension.
Any test of ETH high should provide some direction for the day.
Level to watch 3278 --- 3280
Reports to be aware :
US:Existing Home Sales
10:00 AM ET
US:Jerome Powell Speaks
10:30 AM ET
Elliott Wave View of S&P 500 E-mini Futures (ES) suggests the Index ended the cycle from June 15 low as wave ((3)) at 3587 high. From there, Index has extended lower to correct that cycle. The correction is unfolding as a double three Elliott Wave Structure. Down from wave ((3)) high, wave W ended at 3347.75 low. Wave X bounce ended at 3453.25 high. Index then...
RSI and MFI oversold so good possibility of a bounce, but at the same time there's a chance we have one more leg down to fill the open gap marked with the bottom orange line.
Overlay is just a possible scenario, all I know is I'm flipping my puts on open and watching. Will not be going long today.
Also, Europe looks like crap, and could get follow through...
It's never easy to predict anything in the market. All we can do is look at the current events, information and make educated guesses and anticipate the move higher or lower. That is exactly what is done here!
We are in a "pullback" area where the market is in a correction move right now where the S&P 500 (the economic index) is down about 7% from its all-time...
Probability: 65% for my prediction
We have a Buy Signal ( even if we are in a downtrend)
The Stop loss and Take profit As Mentioned on the Chart
I Close the Trade Manually so , my SL: 3220 and my TP: 3271 and if the green candle cut with force the TP line then i take another position and choose another TP :) Manually !
All last week market has closed below previous session's low.
As long as it continues to do that, bulls will have a hard time to stage any significant rally.
A test of ETH Low could provide some direction for the day.
Level to watch 3251 --- 3253
In recent activity, the COVID-19 outbreak has stirred the global economy and the S&P 500 is no different. We have seen a 33% decline from all-time highs and we could effectively say that the strong bull that started in 2009 and rallied 411% is effectively over. If we consider the trend line to be the turning point.
The outbreak has stopped a lot of business from...
We just ended a decade and a wild ride for 2019 having risen nearly 30%. From here many investors and traders may assume that there will be a strong move lower because prices can't go up forever. Normally, however, after such a strong gain, markets have the tendency to continue to rise the following year.
That doesn't mean we can't see a pullback and that is...
We are here again at a nice pullback inflection zone at near 3380 areas in SPX.
failure to hold that will mean a rotation back to mean at 3350 / day Low 3320 and lower till 3300.
Hold above we can look to test at 3400 areas and back to a bull side play swing as well.
primary thesis is to go with shorts for a failure to hold above.
W.D. Gann Time Cycles Applied to the S&P
2 Forecasts are coming over a weekend, so we'll keep an eye on the Friday's/Monday's to see when they actually hit.
Orb & Inversion work has not been done, some skill is required to translate this into trading signals.
spy is trading within a wide horizontal trading range on 4H.
the price has recently reached its horizontal support and formed a double bottom formation.
breakout of its minor resistance confirms a local strong bullish sentiment.
for that reason, the index may keep growing.
Panic and fear have gripped the markets. (and rightfully so)
Just below is a list of a few of the things that are fundamentally driving the sell off:
Corona Virus is being declared a pandemic.
Massive supply shock from China due to supply chain issues.
Potential country lockdowns and economic stagnation