In the first week of 2024, major U.S. indices turned to the downside. Year-to-date, the Nasdaq 100 declined by about 2.2%, the S&P 500 by 1%, the Dow Jones Industrial Average by 0.3%, and the Russell 2000 by 3%. The situation is no better overseas, where in the Chinese market, major indices also slipped lower. In particular, the Hang Seng Index lost about 5.3%,...
As stated, not guaranteed but possible. Within a month from the bottom of Covid, it is clear that the market is rolling upwards, contrary to the conditions.
S&P500 has turned neutral on the 1D technica outlook (RSI = 47.788, MACD = 28.200, ADX = 43.854) as it made a LL for the first time since the October 27th 2023 bottom, marking the end of that two month rally. That was the latest bullish wave of the 15 month Channel Up. According to the three prior peaks that formed HH on the Channel Up, the index should kickstart...
US500 - Intraday Previous support level of 4700 broken. Short term bias has turned negative. We are trading at oversold extremes. We look for a temporary move lower. Preferred trade is to sell into rallies. - We look to Sell at 4700 (stop at 4729) Our profit targets will be 4645 and 4615 Resistance: 4750 / 4820 / 4920 Support: 4610 / 4500 / 4415 Risk...
Recently, we discussed how overbought conditions in the stock market were making a case for correction. Now, with the major market indices retreating slightly lower, we are looking for more clues about where the market might be headed next. To support a thesis about the SPX going lower, we would like to see RSI, MACD, and Stochastic continue declining on the daily...
Hello TradingView Family / Fellow Traders, In accordance with my latest analysis, which is attached to the chart, we have been anticipating a rejection of the all-time high. 📉 For the bears to assume control and confirm the beginning of the correction phase, a break below the last major low highlighted in red is required. Meanwhile, until the bears take...
This came up in a conversation I had recently with a client, who asked if I agreed with the view that we’re in for another good year for equities based on the current median forecast of 4832 (source Bloomberg), with the range of 19 analyst calls set between 4200 to 5200. For starters let’s revisit the 2023-year-end call on the S&P500 made back in Dec 2022, where...
S&P500 crossed and closed a (4h) candle today under the MA50 (4h) for the first time since December 7th. Even though that was a buy opportunity then, this time we expect strong selling as the two month Channel Up is on a very strong RSI (4h) Bearish Divergence. Trading Plan: 1. Sell once the price crosses under the Channel Up. Targets: 1. 4560 (MA50 1d and...
The S&P500 index (SPX) almost hit the 4820 All Time High (ATH) level on the last trading session of 2023. That day completed the 9th straight green weekly (1W) candle, a feat last seen on the week of February 19 2019. This doesn't necessarily indicate that any sort of correction is due as a bullish market can run rallies fueled on fundamental news for even longer...
BINANCE:BTCUSD is forming a good potential and prerequisites for further growth. The key resistance is the level of 44350, and the price continues to actively test this area. On the high timeframe we see the formation of a global range. The potential target from the point of view of technical analysis at the moment is the upper boundary of the range 65K -...
To understand the logic behind my numerology actions, you can watch my video ideas. I believe that the spx500 will turn strongly downward in the near future, the reference point for me to start a set of shorts will be January 3, 2024. I will be gaining position by positioning. Targets to decline very strongly downward under possible geopolitical events in the...
The S&P500 index (SPX) is currently on its 9th straight green week (1W candle) following the October 23 (weekly terms) bottom. That was a Higher Low on the 15-month Channel Up and based on that pattern, the index is approaching its top (Higher Highs trend-line). What adds more weight to the very high levels it is trading at, is that the All Time High is just...
The SPX is less than 1% away from the all-time high. Yet, its overbought conditions on the daily chart are starting to make a compelling case for a correction. To support this case, we would like to see the RSI break below 70 points (on the daily chart). Additionally, we would like to see MACD and Stochastic reverse and begin pointing to the downside. On top of...
S&P500 / US500 has almost completed a +17.30% rise, which is the prince range it grew by on the December 1st 2022 High. That was the first High of the long term Channel Up pattern that started on the October 13th 2022 bottom. The Channel Up still has a little more room to go upwards before reaching its top but since the price is already over the 0.786 Fibonacci...
FOREXCOM:XAUUSD strengthened quite actively last week. The price is retesting the resistance at 2069.8 formed in August 2020. There are reasons for further growth, but also reasons for further pullback. Let's see On D1 we can see that in the frame of distributive movement the price tests the resistance 2069.8 and forms a false breakdown, which activates a...
FOREXCOM:XAUUSD is breaking through resistances. Yesterday the US GDP was released, which showed weaker data than the market expected and this is favorable for the gold price. In part we were prepared for it. The TVC:DXY is breaking the pattern and retesting key support. High odds are high that the decline and weakening of the index will continue. Hence,...
The S&P500 index is now on a healthy green 1D technical outlook (RSI = 65.835, MACD = 82.010, ADX = 81.214) following a much needed technical pullback yesterday that eased the previously overbought technical indicators. On the 4H timeframe, the index is still inside a two month Channel Up, which found support yesterday on the 4H MA50. As long as it holds, we will...
The S&P500 index (SPX) pulled-back yesterday on the strongest 1D red candle since October. A natural technical reaction after weeks of rise-only price action and an overbought 1D RSI that almost hit 83.00. The long-term pattern remains a Channel Up since the October 13 2022 market bottom and as long as the 1D MA50 (blue trend-line) is supporting, it is likely to...