S&P 500 Index Full Analysis (Still Bearish Here)
I would like to give a full analysis of the S&P 500 Index (SPX) chart... Let's get started!
We will look at my classic signals and then a general view.
The classic bearish signals coming out of this SPX chart are as follow:
The first thing to notice here is a lower high compared to the 8-Jun.
I shared a...
Last week, S&P 500 index ended with a bearish candlestick, thereby creating a bearish engulf. Coming days, the index likely to fall on short term to 2935 after a brief testing of 3100. Volume however suggests that the index on the medium term could still fall further to test the bullish order candlestick at 2700 as the average declining volume is much higher than...
SPY (SPX500) is in a rising wedge formation pointing toward 300 level, but pulling back post Fed's decision to leave rates unchanged with no further guidance. Near-term support is seen at $290. VIX is low at $31. ECB policy decision on 4/3/2020 should be supportive as well. However, more bad economic news are coming next week. The stimulus has been priced in. Is...
Maybe too early to say, but one of the many possibilities we could see the S&P500 do over the next few weeks is a head and shoulders pattern. That might just send it back down to the $2200 level or even lower. Just a possibility. Nor long or short on this one.
All analysis of COVID provide us horrible numbers so i expect at least 1-2 weeks more of downtrend and after that with all the contingence applied from the different countries numbers will get better and also SP will start a slowly recover.
SPX500USD next target price is 3510usd. My analysis fits the chart movement exactly, so I do not change the technical analysis rules. The figure shows that the rise may continue. The exchange rate copies 1: 1 fractal. The size and shape of the correction fractal created at start-up...
My assumption is that the exchange rate will turn north again from 3062 usd. It can be seen that the amplitude (red square) of the wave sequences generated by the ATR lower endpoints indicated by the PSAR indicator and its associated valleys decreases in half. The rule states that this observation is relevant if the magnitude of the upper ATR endpoints and its...
The rally has posted an exhaustion count on the weekly chart.
Broke the sequence of 6 negative daily performances.
The overnight rally has been sold into and there is scope for further bearish pressure going into this morning.
A break of bespoke support at 2799, and the move lower is already underway.
The bias remains mildly bullish but there is scope...
Looking to short SP500 on the 3rd touch of this bearish top trendline and lower high. This would then mean the 5th bearish wave would be started and hopefully my original target of $2960 will be achieved.