SPX500 is like a zombie. Walking dead. Look at this dying volume when SPX500 is climbing up. However, each correction down sparks a spike in volume. Strong hands selling, weak hands buying. A very strong sign that the trend up is either dead or dying.
SPX Complete Bearish Gartley
And price action shows bearish
Key level: 2991
Now price has broken this level and retested
Therefore we can sell SPX and aim
2927 / 2868 / 2750
The long term trends that were triggered on Nov 2011, Jan 2013 and Nov 2016, plotted as an overlay to the current daily chart, paint a bullish picture for $SPX and our stocks portfolio as a whole. The long term chart is about to confirm a rally, like how it did back then on those 3 occasions. If it does, we will likely be higher by the end of the year, in the...
spy is trading within a strong zone of supply.
I will short the market only after a bearish breakout of a minor rising channel.
It will be a "compulsory" confirmation on so strong bullish market.
target levels have been adjusted:
T1 - 3050
T2 - 3000
stop will be strictly above the highest point of the channel.
Custom Pivots Indicator - Plots Yearly, Quarterly, Monthly, Weekly, and Daily Levels.
For 2 years I traded this system Exclusively and made a nice living. The reason I created this indicator Vs. the one on TradingView is mentioned in the last line on the first post.
See First Post For Details….
SPX500 finally made a turn. Look at how volumes spike with each move down and dissipate when the price is climbing up. The forecast is notional and does not represent a hard target. I will be revising it as price action unfolds.
Has anybody done a backtest with renko brick 5 1D(daily) charts and volatility expansion strategy? Even though the results are for the last 30 years or so, they still seem like crazy numbers. Can anybody confirm that these results are real? Or is there any issues with Renko that applying this strategy live would be totally different results?
I call these types of patterns "S-Curves" and they are similar to AB = CD movements. The pattern usually ends how it began, with a violent bottom replicated as a violent top. The next FOMC is not until DEC 11, and DEC 12 is the next "promise" of when the FED will decide not to engage in any more overnight repo operations to the tune of $80-$120 Billion / day.
This is the final 5th wave or we have a broader expanding flat correction for S&P 500. Upside target is $3,203.3, I see more risk than reward being long equities from here.
Have a great day everyone!
The current market environment somewhat mimics the 1981 market:
Why?
The stock market rallied 31% from Nov 1979 to Nov 1980 on the optimism that Reagan would revolutionize the economy.
The Reagan Revolution led to the Tax Cuts entitled "Economic Recovery Tax Act of 1981, An act to amend the Internal Revenue Code of 1954 to encourage economic growth through...
hey traders,
3130 - 3160 is a decent resistance area.
I will be looking for a short trade from this area.
The price might retrace to a recently broken structure level 3030
and continue falling bit lower to 2980 before further bullish continuation.
!Trade only with confirmation!
Standard & Poor’s 500 is an American stock market index consisting of 500 large companies having common stock listed on the NYSE or NASDAQ and their market capitalizations. It captures approximately 80% coverage of available market capitalization. Because it includes both growth stocks and value stocks it is one of the most followed equity indices and is considered to be one of the best representations of the U.S. stock market and a trend indicator for the U.S. economy. S&P introduced its first index in 1923 and its present day form on March 4,1957. It was developed and continues to maintained by S&P Dow Jones Indices, a joint venture majority owned by McGraw Hill Financial.
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