SPx
stabilizing under 3925 will be bearish to get 3893 and under it 3860
but stabilizing above 3925 will be bullish to get 3946 and 3968
Pivot Price: 3925
Support prices: 3893 & 3860 & 3832
Resistance prices: 3945 & 3968 & 3983
S&P500 Index is trading in a bearish trend.
Once, the price set the last low on a daily, a correctional movement started.
The market was steadily growing within a bearish flag pattern.
To catch a bearish continuation, wait for a bearish breakout of the support of the flag.
If the price breaks and closes below that on a daily,
a bearish continuation will be...
Overnight,
S+P 500 Futures have dropped sharply
on renewed "world" banking concerns
with this mornings NYSE OPEN appearing to target
the S+P 500 200 Day Moving Average at 3933.42.
I am renewing my market opinion,back to BEARISH
Yesterday's rally back to SPX 4000 appears to have failed once again.,
and price has "whipsawed" back down
I have been writing that...
This is still a bear market and all signs point to sell every rally. The trend is your friend until it bends. A down trend is presumed until not. I will continue to short every rally until my last trade fails.
Two key questions I ask myself every time is...
1. Why has price failed to breach into the April's Bearish candle. It has been contained below it for 10...
I had recently publish the idea to short and now I am re-iterating this with an update to the count. While I had expected another small wave up in my previous analysis, I did not expect a throwover. If you had traded with the previous published idea (linked here), you should do well if you had managed your risk well. This, for you, will just be an update to the count.
Mr Burry said it himself.
The beginning of Wave C on S&P. Sold based off rejection on LTF. Nice volume into Weekly close, however. Not convinced due structure.
Target based on local Fib extension and Wave 4 pullback level from ath which 0.5 fib is in confluence to this.
Seems that Gold is first to lead this market in both directions.
Alright, the wave (x) is about to finish almost as portrayed here www.tradingview.com
Wave c is taking shape of ending diagonal and there is a chance that it has already been completed.
Looking for Higher Price
As price has trade back into the discount of the leg and took SSL from the left, price may continue higher from here.
Confluence: Divergence with DXY
Algorithm use FOMC as catalyst to move price back into the discount in order to accumulate more Long orders at cheaper price while taking out SSL stacked from the left.
The overall daily trend is bearish.
Price has taken the liquidity which confirms the LL and price can take Engineering Liquidity in the coming days to tab on the extreme point of interest and can bounce back towards a Lower Low.
I see a significant pattern setting up for more downside on this index.
- engulfing candle patterns at major daily 200 EMAs
- PA below the 200 EMA on the daily
- a flag (bearish) pattern has been completed
- layering on the fundamentals of gold/silver and even bitcoin being purchased over more "risky" stocks - especially this banking fiasco.
2.3 : 1
1% risk...
Quite recently the Fed is adding $300B on it's balance sheet to save the economy from banking crisis. The move is effectively reversing the QT to temporary QE. As a result the amount of money supply circulating on the market is increase as shown on this Index Value Rainbow Indicator. Based on these fact we can expect the S&P500 index price range will be shifted up...
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