Last week, SP500 found strong support in 4500 zone and reversed strongly and with a big impulse.
Now the index is in a small correction of this first impulse up and we can have a new leg up pretty soon.
4630-4650 zone is support at this moment and dips around here should be bought.
A drop under 4600 would negate this scenario and would put SP500 in no men's land
After making significant gains, the S&P500 falls short of rising above the resistance line at 4711 points, which approves that this is an important mark. We expect the course to extend gains into the white area. However, an alternative drop ist possible, too. Here, the index would be in a bigger correction until the blue area is reached.
S&P 500 Long Setup
🔵 Entry Level: $4485.5
🟢 Take Profit: $4598.5 (2.59R)
⛔ Stop Loss: $4441.8
- Expecting price to respect the lower trendline in the descending channel one more time before correcting to the upper one
- Entry level is also previous resistance level from August and September
The S&P500 has approached an area where we can slowly start to think about another corrective move by the index. Currently, there is still some room for the index to rise to areas around 4733 points. Then, it is time to cool-down a little bit. We expect the index to fall below 4584 points, before the bulls take over again.
Okaaaaay, let's go!
S&P 500 Weekly Plan
🔵 Entry Level: $4598.0
🟢 Take Profit: $4645.3 (2.05 R)
⛔ Stop Loss: $4574.9
🔵 Entry Level: $4651.8
🟢 Take Profit: $4599.4 (1.59 R)
⛔ Stop Loss: $4684.7
1) A clear setup would be opening a long position at what was recently resistance, as it is likely to be turned into support. However, this is too obvious of...
S&P500 Short Setup
🔵 Entry Level: $4539.1
🟢 Take Profit: $4482.8 (2.16)
⛔ Stop Loss: $4565.2
- I'm expecting a test on the $4522, flipping resistance into support
- Then potentially a double top can form at the entry level, which would open an opportunity for a short
It IS rocket science when we are analyzing the S&P500 and where it is about to go, because this thing is literally a rocket! We expect it to rise to areas above 4549 points. After a small correction, we expect it to extend new all-time highs above 4620 points.
SPX500 Short Setup
🔵 Entry Level: $4486.0
🟢 Take Profit: $4426.9 (1.28R)
⛔ Stop Loss: $4532.1
- Reaching resistance level at $4485
- Expecting either divergence or highly overbought level on the PVS Indicator by the time price reaches that level.
Game plan: If the price flips this resistance into support (tests it), I may close the trade prematurely...
What has started like a healthy and meaningful correction, has proven to be an anemic not even 10% drop for SP500.
The index found strong support at this moment in 4300 zone and as long as this area is intact we can see it challenge the all-time high in the next trading sessions.
I will look to buy dips in search of a good R:R for my trade
The S&P500 has reached its low and is now ready for take-off. We expect the course to rise until the area around 4620 points. Alternatively, the course could turn around before 4549 points with a 35% chance.
This - in addition to almost everything in financial markets ATM - is very scary reading.
S&P500 just flashed a third consecutive (i.e. uninterupted by an equivalent buy signal) Triple Divergence (RSI, MACD and Volume) since the covid-correction on the dialy. Usually, one such signal is a bad sign, but three consecutive ones is just madness.
Another week, another all-time high for the S&P500 – and it does not stop there. We expect the course to further rise to levels above 4426 points. There, a correction should pull us down under the support line at 4353 points. In the mid-term, the course should rise to levels above 4547 points.
Bull, Bull Hooray!
Playing around with this count on the LT weekly chart from b4 2000 dot com bubble. SP500 looks like a very clean 5 up & 5 wave down pattern 1 after another. I am sure that if we dial down into the LTF we could find many complex Flat & zig zag corrections but zoomed out everything looks pretty clean.
The W3 that we are currently in lines up with 4600 rough target....
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We expect the SP500 to fly high like SnooP(500) Doggy Dogg and reach above 4238 (sorry not 420). There, a correction should set in which will bring us back below 4238 points. However, afterwards we expect the SP500 to rise again and reach new all-time highs.
A ~25% decline from here should be rather quick and uneventful. However, such a decline is likely to be just the first leg on a long road to a full ~70% decline by the end of this full cycle. - Which would be nothing more than a garden variety return to the Historic Norm ! The same goes for all US Indexes and those who are historically informed (or reviewed...