a daily price action after hour update - sp500
Good evening and i hope you are well.
Today markets continued the bear slaughter and given the very strong bull closes, we can expect more bullish price action and probably blow off tops.
sp500
Most bullish of em all. Here my quote from yesterday:
Market only gained 60 points which seems after last weeks rally of about 120 points, too little. Bulls sure tried but prices above 4900 are not eagerly bought. In my opinion it’s the strongest index this week and the one with the highest odds of printing higher to retest the ath 5028.
Bull case: Market has reasonable targets above and they are in a reachable distance. Bulls saw last week as a buy signal and this week produced follow through. We closed above 4900 which is kinda bullish but not as strong as it could have been. But as long as bulls printing higher highs and higher lows, bulls have all the arguments on their side.
short term: i’m neutral here because of Fridays close. both sides can get a breakout so probably sideways
Do not look for shorts. Clear breakout and follow through.
Bulls wont stop until we print 5000 and if they can get 5000, they retest the 5028.25. Measured move target from the rally starting bar 41 is 4998.75. Coincidence? Sure. 50% pullback is exactly the previous January high at 4934. So Probably pullback first then blow off top imo.
bear case: Only if we trade back below 4913 i look for bear arguments and i can only see this happen with most big earnings tomorrow missing big time. What are the odds of that? Can’t think of anything lower probability for now.
short term: maybe a pullback to 4935 but that’s probably it. just look for longs. strongly bullish.
medium-long term: down - what would change that? two consecutive daily closes above 5030
trade of the day: 4913 was strong support and we had a double bottom bar 17 + 41. Had to go long bar 42 for at least up to 4922. Was good for 40 points if you held into close.
Today markets continued the bear slaughter and given the very strong bull closes, we can expect more bullish price action and probably blow off tops.
sp500
Most bullish of em all. Here my quote from yesterday:
Market only gained 60 points which seems after last weeks rally of about 120 points, too little. Bulls sure tried but prices above 4900 are not eagerly bought. In my opinion it’s the strongest index this week and the one with the highest odds of printing higher to retest the ath 5028.
Bull case: Market has reasonable targets above and they are in a reachable distance. Bulls saw last week as a buy signal and this week produced follow through. We closed above 4900 which is kinda bullish but not as strong as it could have been. But as long as bulls printing higher highs and higher lows, bulls have all the arguments on their side.
short term: i’m neutral here because of Fridays close. both sides can get a breakout so probably sideways
Do not look for shorts. Clear breakout and follow through.
Bulls wont stop until we print 5000 and if they can get 5000, they retest the 5028.25. Measured move target from the rally starting bar 41 is 4998.75. Coincidence? Sure. 50% pullback is exactly the previous January high at 4934. So Probably pullback first then blow off top imo.
bear case: Only if we trade back below 4913 i look for bear arguments and i can only see this happen with most big earnings tomorrow missing big time. What are the odds of that? Can’t think of anything lower probability for now.
short term: maybe a pullback to 4935 but that’s probably it. just look for longs. strongly bullish.
medium-long term: down - what would change that? two consecutive daily closes above 5030
trade of the day: 4913 was strong support and we had a double bottom bar 17 + 41. Had to go long bar 42 for at least up to 4922. Was good for 40 points if you held into close.