S&P500 tapped its major uptrend supports last week and is holding above them. Great time to go long.
It's quite unlikely to go much lower. Targets are around 4500 if/when the first major downtrend breaks (likely given the amount of short positions needing to cover). After that there is one last significant resistance above the last all time high around 4800. If that breaks, the S&P500 is poised for another mid 1990's or mid 1950's bull market that will eventually lead to the type of bear market everyone is predicting now (I wouldn't start looking for a 50% crash until around 2030).
EUR/USD hit major support and is likely headed much higher. This means the dollar index is likely done rising. With the dollar falling, assets are likely to become less correlated and stocks can get back on their uptrend. Good luck out there!
It's quite unlikely to go much lower. Targets are around 4500 if/when the first major downtrend breaks (likely given the amount of short positions needing to cover). After that there is one last significant resistance above the last all time high around 4800. If that breaks, the S&P500 is poised for another mid 1990's or mid 1950's bull market that will eventually lead to the type of bear market everyone is predicting now (I wouldn't start looking for a 50% crash until around 2030).
EUR/USD hit major support and is likely headed much higher. This means the dollar index is likely done rising. With the dollar falling, assets are likely to become less correlated and stocks can get back on their uptrend. Good luck out there!
Comment:
The first major resistance is looking like it's midway between 4100 and 4200. One could expect a pullback there and a decision point where we either continue the downtrend or break above and head toward 4500.
Comment:
At the first major downtrend resistance now. I would expect it to cause some pullbacks, but ultimately break. I would not exit for a chance at making small amounts as it could easily rip above.
Trade closed manually:
It seems the resistance is strong, best to get out and wait for 3600 attempt again. Honestly I'm starting to think we're heading to <=3300
