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hermes_trisme

S&P rally continues

Long
SPDR S&P 500 ETF TRUST (BATS:SPY)  
hermes_trisme Updated   
BATS:SPY   SPDR S&P 500 ETF TRUST
Candlestick Analysis Multiple Time Frame Analysis Wave Analysis S&P 500 (SPX500) SPX (S&P 500 Index) us500 broadmarket marketoutlook marketreview trendtrading
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At the start of last week, things didn’t look great for the bulls. There were several signs of weakness that could have easily led to a daily trend reversal. However, that didn’t materialize. Firstly, on Monday, buyers were able to set a daily higher low. Then, on Wednesday, they positioned the price very close to the previous two weeks' high. Finally, with the help of the FOMC, they broke through the resistance, set a new historical high, and held it into the week's closure. All these factors together confirm the strength of the bulls and position them well for rally continuation.

SPY outlook for the next week is bullish. Pullbacks should be considered as buying opportunities. Short trades should be avoided unless you are a scalper.

Stay alert of economic data releases on Thursday (GDP) and Friday (Personal Income/Spendings and FED) that could cause some volatility.

Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
Comment:
Monday was neutral day, nothing changes
Comment:
On Tuesday, bulls tried to set a daily higher low. Although they managed to do so, large buyers did not support the move. The price stalled in a narrow range, and then sharply dropped. What this means for us is that the daily consolidation has not yet finished. However, when bulls are ready to move upwards, they won't face much resistance
Comment:
Wednesday 29th. Daily higher low is set. Although it was expected I don't quite like the way it was done (overstreched move in the last 30m of trading). It makes sense to comfirm that new price finds acceptance during Thursday RTH open.
Next goal for the bulls is the last trend high (524).
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