Market has rallied two days in a row which we have not seen in a while.
Any test of yesterday's Low could provide direction for the day.
Level to watch 3748 --- 3750
Reports to watch:
US:ISM Services Index
10:00 AM ET
US:EIA Petroleum Status Report
10:30 AM ET
Im short ES on this break of the trendline or even H&S
Min target is at 3750ES and ideal target at or below 3718.50ES
Im looking for a low tomorrow or Thursday am to buy for a trip to 3850 and ideally 3900 and change.
Sell off overnight was expected, but since we are over the downtrend channel, the question is - will the channel act as support at 3720 area and then we rally further to the 4k area (yellow arrow)? Or - do we break below the channel again and make our way down to 3500 as I originally thought, and still lean towards (red arrow). A breakdown would make the weekly...
So as I make my living trading on trends, and trends are now mathematically so out of sync, I will likely be sitting out of the market today (and most likely tomorrow as well). Obviously I had called a rally as we closed Friday, but certainly did not expect it to be hitting at this level. You'll see in the video that the Daily descending line appears it is going...
🖼 Daily Technical Picture 📈
➤ Bears tried to push back the charging Bull and ended without success. Price bounced off the support line strongly. Clearly there are buyers at these levels. VIX contracted further. Is the panic over?
➤ I'm of the opinion that we may see the price rise a little more followed by a down move as a secondary test of the yearly low before...
🖼 Daily Technical Picture 📈
➤ The United Nations (UN) is meant to save humanity from itself. I guess a floundering equity market does meet that remit especially with rumours of Credit Suisse troubles. Also, think of the millions of Baby Boomers who are retiring every day. They need to sell off their risky assets (i.e. equity portfolios) to buy safer alternatives...
The S&P500 (SPX) index broke above its 4H MA50 (blue trend-line), which as we mentioned on our previous analysis, it was the bullish break-out signal. In fact the current post is an update to the post Rate Hike analysis made on September 22:
The pattern remains the same and so does the current price action that appears to be replicating the late August -...
We're already to 3750 area on futures, I assume they will attempt to hit 3770-3800 today. I don't think it goes much higher than that although the green path is there just in case. I expect a fall from these levels to 3500 in the coming weeks - yellow path. This lines up with what I see on AAPL and other stocks. The short idea is invalid if they can start getting...
SPX tried its best to keep up.
However FED is about to increase the rate and also was between Taiwan looks gloomy.
weekly channel of MACD shows finally the bearish mode also.
exhaustion will begin soon.
3000 point is my target.
This is dangerous market for sure.
In my previous analysis I outlined 2 possible outcomes of the rising wedge:
S&P500 took the (in my view) less probable scenario - the final throw-over which lifted the price to the major downtrendline (red). There the price has been rejected, broke both rising wedge edges and then formed H&S (target being around 3900). Neckline has been broken extremely...
I presumed the message would be made clear, and the acceptance stage entered. Apparently there are still enough delusional traders willing to buy. Here's where I see it heading: $3800 or $3950. Then again I wouldn't be surprised to see a rip to the upper channel line. How do people still not see this is going to implode? Investors believing they are getting a...
So many bulls and bears are stating their cases on social media as to whether or not a bottom is in so I thought I'd take some time today to examine what a daily bottoming process looks like using SPX.
Standard & Poor's 500 was created in 1957 and since then it has gone through 9 bear markets (Defined as a GREATER THAN 20% decline on a CLOSING basis). 2022...
After a bearish accumulation within a descending triangle formation, the price finally broke that yesterday on 4H.
I believe that it is a very important trigger and it may push the market lower.
Next goal for sellers - 3525.
Good luck next week, traders!
❤️If you have any questions, please, ask me in the comment section.
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