Scenarios for tomorrow my key level tomorrow will remain 4330-4340. ES Trade Plan Inflection: 4337 Upper Levels: 4340-4345 / 4370 / 4392-4397 Lower Levels: 4307 / 4294-4296 / 4267 Stay Frosty!
S&P500 is almost technically oversold on the 1D timeframe (RSI = 30.205, MACD = -54.210, ADX = 37.499) with the price reaching the 0.618 Fibonacci level from the March 13th Low. The last time the RSI was at 30.000 was on October 3rd, the previous LL of the Bearish Megaphone pattern. The two bullish sequences of this pattern have been around +4.60%. Since this is a...
S&P500 is making contact today with the 1D MA200 for the second time in 2 weeks. The 1D technical outlook is naturally bearish (RSI = 38.503, MACD = -22.450, ADX = 29.479) since the 3 month pattern is a Bearish Megaphone and we are on the third selling sequence. It is not necessary to make a new direct hit on the LL trendline as the utmost technical support level...
S&P500 hit the 4,375 target of our last signal (chart at the end) and turned neutral on the 1D technical timeframe (RSI = 54.575, MACD = -15.020, ADX = 40.128). The rise is now approaching the 1D MA50, over which the new top was formed before on the LH of the Bearish Megaphone. We will wait for the top and short, aiming at the 0.5 Fibonacci retracement (TP =...
The S&P500 is technically oversold on the 1D timeframe (RSI = 32.251, MACD = -54.210, ADX = 44.088) but is gathering some bullish momentum on 4H (RSI = 41.446) as the price hit the 1D MA200 and bottom of the Megaphone to form a LL. In addition, it hit the 0.5 Fibonacci level from March's low. This has high chances of evolving into a technical LH rebound,...
S&P500 is trading on a descending channel, on a very bearish 1D technical outlook (RSI = 36.220, MACD = -31.420, ADX = 38.889). The 1D RSI is on the same level as the August 17th bottom of this Channel Down. This decline is approaching a Triple Support Band: the 1D MA200 and the 1W MA50 which are headed directly for the bottom of the Channel Up that started...
S&P500 hit today the HL trendline from the August 18th Low, while approaching the bottom of the Channel Down pattern. Despite this short term weakness, the 1D timeframe remains on neutral technicals (RSI = 46.932, MACD = 8.582, ADX = 32.119). This indicates that it may be an opportunity for sideways trading until we see a clear long term trend. Consequently, we...
S&P500 is trading inside a narrow Channel Up, loosely supported by the 4H MA50 (RSI = 58.828, MACD = 5.720, ADX = 49.301). This pattern implies a rejection within the 4,605 - 4,620 Zone targeting 4,550. We are looking for a buy there or if S1 (4,527.50) breaks then near the 4H MA200 at 4,485 (also a HL trendline). In both instances our target is the R1 (TP =...
S&P500 reached the top of the four month Channel Up, remaining on heavily overbought technical indicators on the 1D timeframe (RSI = 75.225, MACD = 61.680, ADX = 45.310). As the 1D RSI is close to hitting the HH trendline that goes as back as November 2022, we expect a pullback, at least on the short term inside the Channel Up, first to drop the overbought...
S&P500 made a new yearly High today after the U.S. CPI report and solidified the 1D bullish technicals (RSI = 66.131, MACD = 48.400, ADX = 25.681). The MACD indicator if it makes a bearish cross, it will form a similar pattern to the start of May where it turned the index into a 2 week consolidation before making a new High. We will wait for a pullback near the...
The S&P500 is pulling back following yesterday's July 4th holiday and seems to have reached a temporary top similar to May 1st. That was nearly a 1 month consolidation phase, which after testing the 1D MA50, it initiated the new bullish phase. Technically that was also the Higher Low of the four month Channel Up pattern. The 1D technicals remain bullish (RSI =...
The S&P500 is trading inside a Channel Up since the March 13th low with 1D technicals heavily overbought (RSI = 72.465, MACD = 71.880, ADX = 42.303). That is a first bearish flag, with the second alert coming from the 1D RSI which hit on Thursday the HH trendline that started back in November. That is a major sell signal, calling for a pull back near the 1D MA50...
The S&P500 index broke over Channel Up 1, which was the primary pattern since November 3rd 2022, and is only a few point away before testing R1 (4,330) for the first time since August 16th. The 1D technicals are on excellent bullish levels (RSI = 66.947, MACD = 39.580, ADX = 22.834) and a candle close over R1, can be enough to extend this relentless rally of the...
The S&P500 reached our first TP1 = 4,295 (see previous idea at the bottom) and touched the top of the Channel Up pattern that guided the index out of its November market bottom. Technically this calls for caution as the probabilities of a HH rejection at the top are high, despite the 1D time frame staying on harmonized green technicals (RSI = 62.614, MACD =...
The S&P500 / SPX / US500 is extending the rise inside the long term Channel Up, supported by the 1day MA50. As long as the 1day MA50 supports, we will stay bullish with the 4330 August 16th 2022 posing as the next Resistance. Every rally inside the Channel Up however has been at least +9.50% so we expect a peak on the Channel Up top at 4400 if the August 2022...
S&P500 is testing Resistance (1) on the Channel Up inside the larger Megaphone pattern. Currently it is at the top on two separate patterns. The MA50 (1d) is supporting the Channel Up and the MA200 (1d) the Megaphone. Trading Plan: 1. Sell on the current market price. 2. Buy on Support (1). 3. Sell under Support (2). Targets: 1. 4175 (Support 1). 2. 4300 (top of...
S&P500 has almost reached the medium-term TP (4,220) so we are booking the profit on last Friday's buy position. The 1W timeframe is on steady green levels technically (RSI = 58.257, MACD = 54.060, ADX = 33.739) but the RSI is at the top of its Rising Wedge, indicating a possible loss of strength. We expect a pull-back to S1 and will buy it, targeting R1 (TP =...
The S&P500 is testing the Rising Support of the Channel Up pattern. It is doing so inside a dashed Channel Down, which can also be a Bull Flag. As long as the price closes over the Rising Support, buy and target 4215 (Fibonacci 1.5). If it closes under it, sell and target 4050 (4hour MA200). Previous chart: Follow us, like the idea and leave a comment below!!