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 / US500 is trading inside multiple Channel Up patterns, the shortest of them started on June 08. Based on the first bullish wave of this pattern, the current leg is on the last spike before a correction. You may buy now and target 4560, before the next short term buy opportunity emerges again in around 10 days on the 4hour MA100. Follow us, like the...
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 previous week was filled with numerous data disclosures that provided deeper insights into the U.S. economy. Most notably, we saw the first month-over-month decline of the S&P Global Services PMI in 2023 (negatively affecting the S&P Global Composite PMI), a continuation of contraction in the manufacturing sector, and a slight decrease in the unemployment rate...
S&P500 is so far on a flat 1day candle after a series of 3 red. That keeps the price inside a Channel Up since March 13th and of course inside the longer term Channel Up since the October 13th market bottom. The index should seek support on the 1day MA50 as it has done since March 30th, so that's a short term sell opportunity to 4330. Consequently that will be...
SPX500 respected its weekly support line and reverses. Expect more ascending movements from hereon: Spotted 4027.0 SL at 3800 TAYOR.
This week, a barrage of U.S. data releases will help to shape investor sentiment. ISM Manufacturing PMI, ISM Manufacturing Employment, and S&P Global Manufacturing PMI are on today's schedule. Factory orders, FOMC minutes, and API crude oil stock change will follow on Wednesday. Then, on Thursday, imports, exports, ADP employment change, initial jobless claims,...
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 =...
S&P500 / US500 crossed back over the 4hour MA50 and so far today is holding it. For this level to stay as Support is critical as a 4hour candle close under it can delay the uptrend and send it to the 4hour MA200, 1day MA50 near the Rising Support. In that case sell and target 4300. As long as the 4hour MA50 holds, be bullish and target Resistance A at...
The S&P500 is close to a -2.89% pull back, same as the April 26th, with the 1D technicals turning neutral (RSI = 56.566, MACD = 43.450, ADX = 27.595) for the first time since June 1st. This is a standard technical pull back inside the March Channel Up that is aiming at the bottom of the Channel and the 1D MA50, which is untouched since May 4th. We will use both...
The S&P500 crossed under the MA50 (4h) and is approaching the bottom of the 1 month Channel Up. That would complete a -2.60% decline from the top, which is consistent with the pull backs of late April and May. Trading Plan: 1. Buy at 4340. Targets: 1. 4515 (Resistance 1). Tips: 1. The RSI (4h) gives the most optimal buy entry when it crosses under the 30.00...
S&P500 / US500 almost touched today the 4hour MA50 for the first time since June 1st. This is a Support and as long as it holds (along with the Channel Up), buy and target Resistance A at 4500. If the price crosses under the Channel Up, sell and target the 1day MA50 at 4235. If the 4hour RSI makes a Bullish Cross before 4235 gets hit, then book the profit on...
The S&P500 is extending the rally inside the long term Channel Up. The MA50 (1d) has been supporting and is untested since March 30th. Such a strong rally undeniably created an overbought RSI (1d). Last time the index gave a similar RSI pattern (August 10th 2022), the price gave a few more days of upside and one last push before a correction. Trading Plan: 1. Buy...
The S&P500 index / US500 is extending the uptrend after crossing today over the 4330 Resistance of August 16th 2022. The May Channel Up pattern may be transitioning to a more aggressive June Channel Up pattern supported by the 4hour MA50. Our long term target is still a +8.90% rise from the last bottom on March 13th but are slightly downgrading it to 4390. The...
note: the CBOE:SPX avwap from the previous financial crash in 2008 has been a buy whenever the retrace has aligned with the golden pocket. Could be a nice HKEX:1000 move coming if the short setup comes into play
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...
While we have to admit that the U.S. economy is proving to be more resilient than we initially expected, we can not ignore that the market is going through a very uneven recovery. It is no myth that SPX and NDX have been propelled by a handful of companies related mainly to the hype in the AI sector (including Apple, Alphabet, Amazon, Microsoft, Meta Platforms,...