CBOE:SPX chart is quite INTERESTING.
We can see the obvious short term downtrend.
We're currently at the bottom part of the GAP.
Volume has been a lil lighter, holiday is likely the reason.
RSI broke the downtrend it was in
Maintained the longer term 2022 low up trend.
Can AMEX:SPY reach the top part of the current downtrend?
AMEX:SPXS AMEX:SPXL...
S&P 500 INDEX MODEL TRADING PLANS for TUE. 10/10
Geopolitical risks, high interest rates, sticky inflation, early signs of consumers beginning to scale back (per Walmart's CEO)...yet, retail bullish positioning has increased last week. Is this Fools rushing in where Angels fear to tread or retail investors having some crystal ball into the future that...
We have shown numerous times that the S&P500 (SPX) was in a 2.5 month Channel Down/ corrective move but all within the larger Channel Up pattern, which keeps the long-term trend bullish ever since the bottom recovery last October (2022). Much like that bottom which was formed by the rebound on the 1W MA200 (orange trend-line), 12 months after (October 2023), the...
There is a Bearish Bat with PPO Confirmation and MACD Bearish Divergence visible on the Hourly chart and if it plays out, it is very likely to bring us down to $4250. If that doesn't hold then it could go down to or even below $4000.
As mentioned yesterday () and as perfectly played out, market gapped down on bad news was a perfect buying opportunity and SPX eventually closed green at the highs. Price action was so clean, with price just consolidating for the whole Asian and European session, only for the huge rally to start in US session; with PZ holding the lows (and the same time NDX PZ...
Let's be honest. SPX is in an uptrend now. The price has been creating higher lows and higher highs. The downsloping trendline which was acting as a strong resistance in March 2023 was retested and confirmed as a support. Since then the price has been in the uptrend and in our opinion we are at the early stage of the new BULL MARKET.
Yes, you hear it right: BULL...
In the higher timeframe, it looks like we have completed a WXY correction. If the low holds, the wave (4) correction can be finished. If the upward move fails, there is still a chance that we get the wave (4) as an ABC.
As a future learning lesson, the below image signaled wave 3 of 3 of 3, wave 3 of 3, and the beginning of the end of Intermediate wave 3 as soon as the Intermediate wave 3 signal ended, I should have known Intermediate wave 3 was over as historically this is the signal. The bottom was inline with historical endpoints, however, I expected it to go about 50-70...
S&P500 / US500 opened lower today but managed to hold the 4hour MA50 as its Support and is having a big boost intra day.
It is not impossible to see one final pull back under the 4hour MA50 again as on August 24th but it's confirmed that this new bullish leg of the Bearish Megaphone is in full motion.
Buy and target 4440 (under the 0.786 Fibonacci and top of...
TVC:NDQ has traded back above the NECKLINE (from Head & Shoulders Break down) - Amazing!!!
DJ:DJI has not traded above and neither has the $SPX.
In this chart we see the SP:SPX illustrating the resemblance to 2022.
We've been showing this chart for some time now.
It's amazing how similar they are trading.
AMEX:TYD is running today (leveraged bonds ETF)...
S&P 500 INDEX MODEL TRADING PLANS for MON. 10/09
The geopolitical tensions with the attacks on Israel could be the main drivers of the market today and for the rest of the week. As we published in our trading plans on Thu. 10/05: "With JOLTS on Tuesday, Initial Jobless Claims Numbers this morning, and Non-Farm Payrolls tomorrow, this week is all about Jobs and...
SP500 indeed completed wave A ( Red Circled ), now "pulling back" toward 4445 +/- a confluence zone of :- 1) Fibo 61.8% 2) Down Trendline (red) and etc.. Possible another -17.32%.
Practicing my crayons skills... Don't judge :)
Fixed range VP setup near breakout zones
Things of interest
- Previous dips chopped before the next leg up
- Currently just outside high volume zones. Low vol = consolidation potential?
- Holding, so far, previous resistance zone
- Sideways moves could give time for breadth to improve
- Oil appears to be going up...
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Analysts are currently divided on a question of what actually happened to SPX during Fridays’ trading session. On one side are those who are noting that strong jobs data impacted increased sentiment for the US stocks during the time while they were adjusting for slowdown in drop of Treasury yields, while on the other side are those who are simply saying that this...
In the previous article about SPX, we discussed how the market conditions were changing and that a prolonged period of selling could be upon us (just like in 2022). Then, on Friday, we articulated our worries that the market was reaching oversold territory in the short term, making a case for a brief rebound (up to Resistance 1 and potentially slightly below...
10/9 Weekly Plan. ES Futures December ESZ2023.
Weekly Pivot is 4,350
Targets
4,448 9/20 gap top + prior 4Wk balance HB + 50% ext of 10D balance zone
4,494 prior 2 months balance hb + prior 5 Days balance low
4527 weekly vPOC from 9/11
Targets
4,314 10D balance zone half back
4,256 unfilled opening range dominator from 6/2 ...
