nice correctional movement on spy yesterday.
the price perfectly dropped to a support line of a major rising channel.
this support matches perfectly with a 618 retracement of the last bullish impulse
+ bullish engulfing candle formed, confirming the strength of structure.
I believe that now it can start recovering.
goals:
3507
3560
After a major sell off yesterday, overnight session market has rallied to Fibonacci 38.2% level.
A test of yesterday's Close should provide some direction for the day.
Level to watch 3455 --- 3457
We have a Buy signal
probability: 65%
Take profit:3485.50
Stop loss: 3427.50
if the market achieve the target (TP), Yellow line is our Resistance and if it cut by a GreenCandle => use it as a Support and take another position to achieve our Second TP2 ( Blue Line)
The S&P 500 continues to grind higher, notching a string of all-time highs,
and seeing the rally since March foster an "official" bull market.
The pandemic has sped up key structural trends and triggered substantial
market swings, precipitating an urgent need to rethink strategic asset allocations.
Among the big changes: We favor reduced exposure to nominal...
Metrics:
Max Loss: $250
Max Profit: $250
Break Even: 3555
Notes: In a fit of boredom, putting on a small risk one to make one long put vertical here with max profit realized on a finish below 3550. This seems counterintuitive, since the short put is monied, and you generally don't get a risk one/make one spread without straddling the strikes across the money. ...
I've invested many hours over the past few months, trying to get this right. I'm not sure if the top of minuette (iii) is in yet, but we're getting close. This post more as a note to self, for future reference, but would love to get input from anyone to aid me in my learning.
Yesterday market rallied to Close at ATH. However, last few weeks when the market would rally it would be on a lower volume than usual which could be a sign of distribution.
During overnight session, sellers have been active to test Fibonacci 50% level from yesterday's RTH session.
Level to watch 3559 --- 3561
Reports to be aware :
US:ISM Services Index
10:00...
The current S&P 500 monster rallye is actually starting a correction, when divided by its volatility. TVC:VIX
Also note how the gap from march panic sales is now closed.
We are seeing increased volatility paired with higher prices, which should be seen with at least some caution...
SPY and TLT have been trending up since june (red line), for close to 3 months. Which one is right? My money is on the smart money like in March. Also note that the dollar shows signs of bottoming.
Disclaimer: The above is not an investment advice. It is merely an opinion and I share it for your entertainment only. Do your own due diligence and above all, trade...
Please Support this Idea with LIKE if it is Useful....
S&P500
NASDAQ after recovering from the crash is more than 20% up from the All Time HIgh(ATH) before the crash,and is making new highs everyday.S&P500 has been following the same direction,recently it broke the ATH before the crash, If S&P500 follow the same direction as NASDAQ, The magical 4,000 mark is...
If we're going to pullback soon this is where it'd start. Upward channel since July has held so something to watch to downside
$SPY $SPX $VIX $NQ_F $QQQ $NDX $TLT $TNX $GLD $DXY #ElliottWave #Stocks #Trading 📈
