Describe on chart Note: not a perfect trade as low risk/reward ratio
I'm still bearish, but I believe price needs to move a little higher before the bears appear. A nice bull trap to break the all time high, before a reversal to the 1800 handle. Calculating the mid point of the wave and using symmetry, the target should be around the 3100 level. Coming from another angle, I used another method to get close to the same result. So...
I've been racking my brain trying to get a feel for these indices after their panic dump mid-late Friday and decided to pull up an old favorite indicator to see what it was saying. Snow City has put a ton of work into this indicator and has the aesthetics looking absolutely gorgeous in its current incarnation. It happens to absolutely nail some important support...
S&P 500 index pretty much peaked on 2734 previous value. Now, made new high in a form 2856 peak which is nothing but new high which will hardly be surpassed now. Stoch RSI confirms bearish momentum and projected bearish crossover. I personaly don't see these price ranges sustainable in this form on this price range and i would suggest selling a position on...
If you're a momentum trading loving moving averages, US indexes, particularly the SPX500 is for you. If you're more an oscillator guy, then its understandable how frustrated you may be lately. That said, we could be looking at former resistance as support, but we havn't yet touched previous resistance for this to be the case yet. Although, we are staying above it...
Looking at another impulse up for this week. Still holding 30% short @ 2793 price avg. and looking to add between 2850-3000.
Price has closed above the strong resistance level that has held multiple times in the past. Will be watching for more upside & "risk on" theme in the forex market.
SPX500USD POSSIBLE FUTURE MOVEMENT
Price has now reached a key area of resistance, where ill be looking for a correction to occur as price is overextended ..
Bulls have remained in control after price made a rejection to the long term trendline. Price is nearing the 2815 key level resistance zone where alot of eyes will be watching this level.
Breadth momentum turned positive again for last 5th wave Up. Russell 2000 show "Risk On". SPX destination may be 2780 to 2798 for now.
From "the ELLIOTT WAVE lives on": Now all the market has to do is get back to $SPX 2739 and for the $INDU to stay above its 200d SMA, then we have a quantified impulse wave up since December, and a new bull-market may be on its way. There is a 80% chance it may be so!!
Will we get more downside to 2656 or is this short pullback it? Breadth turned negative for now. Still expecting a move to cross above the 200d SMA before we can say the Dec 2018 uptrend is done.
The market appears to be stalling. Negative divergence hourly, and daily. Expect a 30 point+ pullback, then uptrend continuation to well above its 200 day SMA. Its normal to see the 200 SMA act as temporary resistance before it also cross above the 200 SMA as the DOW did recently. Lets see.
This uptrend is good for our long dated positions. Yet, I don't trust an embedded creeping market! It creeps up to confuse and frustrate shorts. It creeps up slowly to play for time so that our existing hedges (protection) run out of time! Will it creep through 200 day SMA? Will it pull back first? At this point we just have to wait and see.