Wall Street has posted the sharpest rally in a month today. Looking at this 6 month chart, large up days following dips in the market, have been the bottom for the most recent 5 market rallies. If the pattern repeats, we could see the SP 500 regain 2100 levels next week.
For my analysis for Tuesday's trading, I am anticipating a move down. The market failed to get back to 2088 yesterday and breathed more life into the sellers to take this lower. I am looking to see this test out the low 2050's. The MACD is in favor of the bears. The stochastic however is approaching oversold. The price pattern isn't too bad as it stands now. The...
For my analysis for today's trading day, I am anticipating a move up. The market has been sold off in a rather quick fashion and this caused the fast stochastic line to reach oversold quickly. During this market run, dips have been bought and this run has featured quite a few "V" shaped rallies. If it holds, it can get a chance to regain its lost ground but if...
SP500 fell lower but gain back all its losses quickly leaving a pin bar on the chart. The trend is bullish which add weights into this trade. My first target would be the resistance above at 2,117. Why I go long: Bullish trend Pin bar with long wick Price rejects the 2,089 support level
The ES is moving slow and forming a nice flag. We have moved our stops up to further protect profits. If the flag breaks to the upside then we will expect the 2120 to get hit. With a good amount of economic news this week (including NFP) we will either get stopped out or hit our target. Either way it has been a good trade.
The behaviour of the index suggests a bullish bias. Good time to look for long entries on single stocks.
Directly after breakout out of an ascedning wedge pattern, the SPY is not forming a descending triangle. This is a bearish formation that is corroborated by weak indications from RSI, MACD, and Stochastics
The S&P 500 is still ripping & is still going up. Puttin up shorts is against the trend & can lead to margin calls. But could the S&P500 bullish trend ending soon? It looks like an ascending wedge, a short would be great if the trend changes. All the indicators are still green & it did not broke out of the ascending wedge. But we know.. what goes up will go...