Simple idea. Price has drifted closer to S/R line, seems likely to test it soon. Buy that dip, but Bear is not over! Indicators approaching oversold; FOMC FOMO likely start a weaker rally to a right shoulder; then June Swoon.
Bear market isn't over yet. Based on wave (W) and (X) we are going to get 3 wave move higher which will be end of wave (Y). Bear market will continue after completion of wave (W) (X) (Y) in red. Let's follow up closely...
The futures are looking pretty dreary for the S&P 500 but it could just be a test of the bottom of the upsloping channel.... market is selling off but is there really any thing new or surprising lately?
interesting chart here. we have spx/nq1!, the bottom formed in nov '21. this was a great 'exit all markets' signal. local top was jan '23, which was a great 'risk on' signal. now we're in a potential wave 2 zone with rsi hitting oversold for the first time since 2020. i think this will turn into another macro 'exit all markets' signal.
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Typically fed decision days are up big and then usually down later the next day. Today fed raised 0.25 as expected. they tried to rally, then "whomp" over the head after Jerome Powell mentioned that the Fed would still raise rates more if needed despite the recent bank support efforts.
The S&P500 failed to close over the 4hour MA200 and is pulling back to the 4hour MA50. Buy this pull back as it is not only near the 0.5 Fibonacci level but also the Cup pattern's Support. Target Resistance A at 4080. Previous chart: Follow us, like the idea and leave a comment below!!
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Update to - Strong sell off but I find it very suspicious. I feel like the last up move was likely a break and this is just a brutal bear trap. Keeping stops tight because I dont want to be rugged, but back into all my longs now. Short puts/long call.
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The US Federal Reserve hands down its latest policy decision on Wednesday March 22, against a highly uncertain backdrop and fears over the financial system, following the collapse of SVB
The Federal Reserve has been increasing interest rates for the past 9 months, causing a ripple effect throughout the financial world. In recent week, we have seen 3 major banks collapse as a direct result of the interest rate hikes, which has caused trouble in the financial world as well. As a trader, it's essential to understand how these events can affect your...
POV: It seems like a no-deal for UBS in acquiring Credit Suisse, I wasn't surprised at all, seems like a stunt that Elon Musk love to pull; you get to read everything and say NO!
SPX now up to the 76 fib of the last big drop. If sellers are to come in, we'd usually see them coming in here. Through today we've seen some failure on the small charts of uptrend. Still very early to see how those develop but it's enough to make me cautious with my longs. All stops trailed tight. Shorting here while we're under the 76. If it rejects here, it...