Top of mind for investors and traders right now is whether or not the S&P 500 has reached its bottom. While this is an impossible question to answer and depends on which timeframe one is looking for a bottom, I will attempt to provide an general analysis below.
First, the chart above is a quarterly chart (each candle represents a 3-month period) of the S&P 500....
The S&P500 index (SPX) has extended its rise since our buy call 21 days ago:
The price is at the moment on the 4H MA50 (blue trend-line) for the first time since March 28. The Higher Lows trend-line below offers an additional Support level, with the last resort being the 4H MA200 (orange trend-line) below, in case the 4H RSI breaks towards the Green Zone....
Exuberant Pumping-up to Settle Back Into Reality? Day 6
In our trading plans published yesterday, Tue. 04/04, we wrote: "With the quarter-end window dressing, and the new month beginning related artificial/seasonal boost to the markets behind us, the reality of the economy, inflation, and the interest rates soon to be driving the markets again. Whether it would...
So I am back in short yet again at 4140, and again expect a movement down to a 6hr downtrend to correct the 6hr violation that occurred. Once we get to that point, I'll evaluate how the move is going to see if I think we will continue to break lower, hold in that area, or the rally will bounce and return.
I have a side trade going on the 6E again. Perhaps my...
While this isn't a textbook example of a H&S in terms of symmetry, failure to close above previous high would create a convincing example of a H&S.
With the most recent jobs report, the 25bps hike in May has become a stronger possibility. With CPI being released next Wednesday, this upcoming week could give a more positive indication on direction over the medium...
So it looks like the NFP is certainly bullish for S&P500 index:
Approaching a daily zone of demand, the price formed a double bottom formation on 4h,
successfully violated its neckline and reacted positively on its retest.
I will expect a bullish continuation and retest of a local high 4137
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So I went Long yesterday like I said I would at 4101 (3/4hr downtrends), and then ultimately reversed the position at 4122 (1hr Uptrend). I'm currently holding that trade and looking for it to make a move down to the 6hr downtrend at least.
The S&P has really left me underwhelmed this week, and I'd like to try and make a bit more profit from it if possible as...
Here is our detailed technical review for ES1!.
Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 4105.50.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 3980.00...
RTY and NQ are close to oversold on MFI but ES is not. Not sure if we need to wait until ES goes oversold tomorrow or if the market bounces when NQ and RTY go oversold. hate it when my indicators don;t line up, lol. Eitehr way, I'm bearish for the open tomorrow, guess I'll decide when Euro markets close.
If ES MFI goes oversold then I'm def going long on...
🖼 Daily Technical Picture 📈
➤ S&P500 has found it's footing once again at the minor support level at the 6 March high after threatening to fall off the edge. It was a clear case of risk-off mode today with DJIA blue chips supported and NASDAQ, RUSSELL 2000 sold-off. Still, there wasn't really much damage done to the bullish narrative.
➤ A lot is happening in...
So there you go.... MFI for every index touching oversold now. FDAX is not quite there, and I think things head a little further into oversold.
Usual gameplan is to buy here, but I'm not quite sure. A little sick today so staying out and getting some sleep.
So we got some initial down movement yesterday that finally challenged this massive upward movements on low volume the last few days. This provided a 30m/1hr/2hr downtrend. I'd expect the price action to recover briefly from here even if we are heading lower. It should be noted that yesterday's down movement was high in volume either.
JOLTs data came in below...
Exuberant Pumping-up to Settle Back Into Reality? Day 2
In our trading plans published yesterday, Tue. 04/04, we wrote: "With the quarter-end window dressing, and the new month beginning related artificial/seasonal boost to the markets behind us, the reality of the economy, inflation, and the interest rates soon to be driving the markets again. Whether it would...
Morning thoughts!
Going to be looking at fading extremes this morning unless we break and hold respected range swings. Also looking at taking shorts from above liquidity boxes. Looking at a long option if we test low range liquidity and give a good reversal signal.
Let me know what you guys think.
Have a good session!
