SPX (05/11/2020) - Worrying level for long positions for SP:SPX by LagunitaLLC

FA
-South Korea warns the second wave of Covid-19 is possible.

-Partial economy opening at worldwide level
-The jobless level might move even higher:

-FED overnight REPO at 500 billion dollar pushes the stock higher.

-FED treasury buyback decreases to 7 billion dollars per day this week vs 8 billion last week.

-Tech stocks fever is not over yet. Expecting ATH before correction.
-US10Y is back to 0.7% signaling a capital movement from bonds to stocks.
-FED has started to buy ETFs
-Stocks are still speculatively bought and artificially inflated. Please be aware of this before making any long-term investments.

TA
SPX is moving up to fill the gap at 2940.
SPX is trading above the moving average (exponential): bullish.
Squeeze: neutral
RSI: higher-low: bullish.
SPX is retesting 0.618 fib. If it breaks this time, 3000 level is possible.
Despite all of the bullish indicators, SPX can pull back after filling the gap. Please organize your trading strategies.

Thank you and good luck.

Comment:

SPX future is rejected at 0.618 fib level / 200 EMA. Short!

Comment:

There is a possibility that SPX can retest fib for 3rd time.

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