S&P had really good fundamental news today with Margins increasing by 13%. The sell off comes all the way down to seek liquidity at a Gap i had marked for some time now. This gap provided a fantastic rejection zone and im expecting a rebound. looking for a rebound to the 50% level and really hoping to get to the 4600 61% area.
- SPX nearing 50 MA which has shown as a strong resistance line - Put/Call Ratio above green line while SPX at resistance
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Looking to float more butterflies as the S&P resumes wave (5) bullish aiming for the 4887 upside target
We will continue to press the long side of the markets until we 'met' evidence to suggest that the wave is over
Ignore the markets noise and all those Youtube "Daytrading Charlatans" . Let's zoom out a little bit on our Longer term view of the S&P and reaccess the wave count on the weekly chart before we jump in and conclude that the markets crashing. The worst crash of all is not positioning yourself properly with enough conviction when the markets presenting good trading...
We will continue to press the long side, there is no reason to be bearish the market
On the hourly time frame, the S&P is making a potential wave (iv) pullback that could reach the 38.2% support zone at about 4078. Notice the minor degree impulsive 5 waves given the nature of the 4th wave pullback. Looking to establish some positive delta butterflies or bullish vertical if the S&P tests the 4100-4150 zone of wave iv support.
On the hourly time frame, we remain bullish and favoring this current breakout on the S&P before a completed 5-wave impulse. Immediate wave (iii) upside targeting the 4148 level and then at 4284 completing a minor degree impulsive 5 waves structure.
Elliot price action is much further extended than I anticipated. Moving through wedge in a more dramatic manner & reducing the number of steps by one. New PTs roughly established. Sideways then up. Weak bottoms for dayz.
Focus on the upcoming week will be on US employment report that due to release on Good Day (a market holiday), with forecast slated on signs of a further gradual job recovery. Market will also be watching on President Joe Biden’s infrastructure plan, which he is expected to unveil in Pittsburgh on Wednesday, along with OPEC+ meeting which could offer guidance into...
For this upcoming week, Investors will be watching the scheduled testimony by Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen on Tuesday and Wednesday before Congress, as 10-year bond yield reached its highest in 14 months. Personal consumption expenditures inflation data will also be released at the end of the week. Before his joint...
We have officially mark the start of daylight saving time (DST), as North America have moved ahead an hour on Sunday 14th March. US and Canadian markets will trade one hour earlier than usual in Asia time. The Federal Reserve’s highly anticipated monetary policy meeting will be the big deal for global financial markets in the week ahead. Last week, Fed Chairman...
President Biden’s $1.9 trillion coronavirus aid bill was passed by the Senate on Saturday and sent back to the House for approval which will take place on Tuesday. Investors will be closely watching the progress of this aid bill through Congress this week against a backdrop of concern over what such a large stimulus package could do to inflation and interest...
Ya I doubt we fall much, get ready for the rally with fear all around.
as long as this "buy the dip" hype continues , this market still can run up for another 15 to 20%. wait for breakdown & confirmation for bearish confidence. good luck.