Daily, monthly support hit. 4H- 38.20% fib retest. 30- HH's and HL's forming on lower time frames (MA's are bullish) 38.20% fib!!
Support now turning into resistance. Looking bearish.
A bounce off support in the face of some leading market weakness. Impressive showing by the bulls.
This might indicate a possibility of downside to come or continuation of the uptrend. Decision time....
Clearly at a decision point. A fake break will probably dictate a risk off approach to equities. A retest and further downside will dictate a continuation of a risk on approach towards equities.
In true ALSI fashion we had a fake breakout of the rising wedge. Now it's breaking down below with a 400-500 target below. (Unless we get another fake break)
Bulls trying to break to the upside, but will this break succeed ? A failure on the break could see some weakness creeping in. Fro fake moves comes fast moves. Verdict still out on this one.
The bull flag break out target on the S&P 500 has been reached. Consolidation expected.
It won't stay open for long. Big target for bears right there.
Looks like resistance in this channel is holding. Take care in taking new positions in this sector.
Balancing act right now. A failure at this lofty level could inflict some pain to the down side. Play the long until it breaks, but be aware of the mounting risk. Bulls always climbs a wall of worry, and this is a big one.
Consolidation to follow after a good run by the bulls.
Targets and stops on the chart. Don't forget to like and follow. Thank you.
Crazy as it seems at these lofty levels, this look like a bull flag break with a target of around 58k. Overhead resistance also broke with a retest of support on a shorter time frames. 1000pts to go.
My favourite instrument to trade if i had to pick only one it would be this index. Anyway just sharing analysis and plus something for me to look back on entered 2 positions so far today on the short, we could see a retest above on the monthly zone before that drop but as for now I am in. TP1 and TP2 are there for the long term bias, however for the week 10300...
The break of this counter trend trade must bring us to the 200 ema in the next week, try to catch the blue zone for sell, but this counter trend line must be enough if the price dont go to 2800, lets see how this one play for a long term trade and minimum risk. Beautiful picture.
Take care in taking long positions at these levels. Consolidation overdue.
Be careful in taking new long positions. Bulls had an incredible rally, but for me it's time to be cautious. I have mentioned this before and I maintain this position. Time for consolidation is overdue.