The S&P500 is pulling back today after it hit the 0.5 Fibonacci level on Friday. The 1D technicals remain bullish (RSI = 61.663, MACD = 33.310, ADX = 42.403) as the current rise is the bullish leg that started on the Higher Low of the Channel Up and technically peaks near 4,250. That is our short term target and don't see a correction before that.
Of course we...
The S&P500 crossed this week over the LH trendline of the August 15th rejection on the 1W MA50. Proportionally this can be compared to the April 18th 2016 breakout. The key for a sustainable uptrend on that occasion was the 1W MA50. It held twice and sustained a long term uptrend. With the 1W technicals turning marginally bullish (RSI = 56.614, MACD = 37.390, ADX...
The S&P500 gives a very clear impression as to what the situation is on the 1W timeframe. Despite the recovery early this year with the index crossing above the 1 year LH trendline, thus getting out of the Bear Cycle, the 1W technicals are basically neutral (RSI = 56.583, MACD = 37.340, ADX = 36.258). A big part of it is because the index has been ranging inside...
The S&P500 has completed 3 straight green weeks, the strongest 3 week rally since October 24th. As we zoom out on the 1W time frame where the technicals have just only turned marginally bullish (RSI = 55.603, MACD = 28.700, ADX = 34.959) we can see an attempt to form a Channel Up. The 1W RSI is slightly pulling downwards and since it started rising back in May,...
The S&P500 is extending the rise that we called 2 weeks ago at the bottom (see chart at the end) of the long term Channel Up.
Target (1) was easily and quickly hit and as the price is approaching Resistance Zone (1), we get the potential conditions for a short term pull back.
Trading Plan:
1. Buy any pull back under Resistance Zone (1).
Targets:
1. 4220 (top of...
S&P500 formed the first 4hour Golden Cross since January 16th, breaking above Resistance A.
The RSI is on a Rising Support, same with the previous bullish leg of January.
Following the Golden Cross, the price pulled back to Fibonacci 0.5 and then resumed the uptrend.
Regardless of this potential pullback, we remain bullish on the S&P500 index, with our Target...
The S&P500 index formed a Channel Up with the 4H technicals indicating a healthy uptrend (RSI = 63.246, MACD = 19.720, ADX = 49.272). The 4H RSI is on Higher Lows of its own and the 4H MA50 is about to cross over the 4H MA200 and form the first Golden Cross since January 17th. A pullback will be an excellent opportunity for lower risk buys.
The Fibonacci...
The S&P500 on the 1W time frame remains technically neutral (RSI = 51.005, MACD = 10.190, ADX = 35.849). Large reason why it has done so is because it has been ranging between the 1W MA100 and 1W MA200 for 22 weeks (154 days). That is a significant period that isn't that indicative of a bottom formation. There is still a large portion (could even be the majority)...
S&P500 hit the exact bottom of the long term Channel Up pattern and remains under the 4hour MA50.
This is an instant buy opportunity technically. The 4hour RSI double bottomed.
This price action looks very much like the previous Channel Lows of December and October.
We buy on the current market price. A crossing above the 4hour MA50 confirms it. Target 1 is...
S&P500 reached the bottom of the 4 month Channel Up.
The RSI (1d) is nearly oversold.
Trading Plan:
1. Buy on the current market price.
Targets:
1. 4250 (top of Channel Up and projected +11.20% rise).
Tips:
1. RSI (1d) is forming a huge bottom sequence same with December 19th and September 27th.
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S&P500 is approaching the HL trend line (started November 3rd 2022) on nearly oversold 1D technicals (RSI = 38.159, MACD = -14.370, ADX = 33.442). The main Support is S1 is at 3885 and the price may touch it as it may form a similar bottom to December 22nd with the 4H RSI needing to turn oversold at 30.000 first.
Regardless of that we are turning long on the S&P...
We have Bitcoin on the left and the S&P500 on the right.
Bitcoin is getting rejected on the 1week MA50, while the S&P500 is trading between the 1week MA50 and 1week MA100.
This is a clear sign that Bitcoin is lagging behind the major stock index and that it remains undervalued relative to the rest of the market.
Therefore, Bitcoin's potential on a 2 month...
The S&P500 is inside a Channel Down on the 4H chart ever since the correction started early in February. A correction that has caused even the 1D time-frame to turn bearish technically (RSI = 41.649, MACD = -7.180, ADX = 42.487).
As long as the price remains below the 4H MA50, it is aiming as S2 (TP = 3,900). However with the 4H RSI inside a Channel Up (bullish...
The S&P500 is approaching the 4H MA50, its first line of Support in the past 10 days. 1D remains positive so on the long term we are still bullish but as 4H turned neutral (RSI = 48.983, MACD = 17.390, ADX = 32.288) we are looking at the probability of visiting the 4H MA200 in order for the RSI to touch the oversold limit and turn into a buy again, as it happened...
The index failed yet again to break and close above the bold white declining Resistance, which is effectively the Resistance that has marked all lower highs of the Bear Market. This is far from an ideal scenario for S&P500 buyers. The Support Zone right below already supported once last week and has been serving as either a Support or Resistance since May...
SPX is within a rising wedge structure that has been getting weaker on each high. The 1hour RSI has a pivot line though above which the trend remains bullish but below turns bearish.
So far it is above and it is evident as the price is holding the wedge's bottom and is rebounding.
4040 the upper target if it holds. 3942, which is the first support, if it breaks...
The S&P500 index (SPX) continues to trade on the bottom (Higher Lows trend-line) of the October Channel Up having failed to break above the 1D MA50 (blue trend-line) since December 16. This has now completed a 3-week fall following the 1W MA50 (red trend-line) rejection. Even though it appears to be staging a rebound, there is no confirmation as the 1D MACD hasn't...
The S&P500 index (SPX) hit again the bottom (Higher Lows trend-line) of the October Channel Up following two straight rejections on its 4H MA50 (blue trend-line). This completes a 2-week fall following the 1W MA50 (red trend-line) rejection. Even though it appears to be staging a small rebound early today, so far it remains even below the 1D MA50 (green...
