Hello to all who watch my charts. The S & P 500 is exactly as announced in my last post: Strong Long. and is currently running up my blue long trend line. To all who still write after short I give the advice Please always remember: Trade what you see in the chart and not what could be in the future or what you think will be in the future. Then you will also...
I think the price can move up - Daily candle close above key level 280.80. On the chart, you see that price bounced many times from it - Middle - term trend is Up
The resistance zone identified with red is a stubborn area. SPY will have to push hard to get through it. If it falls, it will likely catch support at the daily support line of 277.45 and it almost lines up with the bottom trend line of the channel as well further strengthening the support. If it breaks the channel, it will likely catch support in the support zone...
The chart from Feb 25 showed the support and resistance zones for $SPY for the coming week (link in related ideas). SPY started the week with a gap up right into the red resistance zone but couldn’t hold and sold off after hitting the upper trend line. The next day it held on to the support 1 level identified on the chart and tried to run for the resistance zone...
I am seeing SPY hitting the red area early in the next week, possibly on Monday. Then find resistance there and consolidate there. And, possibly, pull back to test support of 278.92 before moving higher and breaking the red resistance area. This looks to me will be a hard resistance area. Any positive or negative US-China trade news can make it go either way...
SPY may continue its sideways chop. Downside pressure gets stronger. With no volume we are getting held up by very little.
Bearish Crossover Forming, Divergence, Low Volume... Could see sideways action before next leg down
What if this is not a bear market. Has the market ever fallen 20% and then recovered. Well it did of course on that famous day in 1987. The low was in on the first day. The last time a correction exceeded 20% but went no further was twenty years ago in August and (double-bottom) October 1998. The charts show some, if not complete similarity to 1998. It was...
Friday's rally was strong, and although NFP euphoria fades, the Powell 'patient' remark and the resumption of China talks are very positive. An A-B-C rally takes us to the .618 retrace from the last high, which is close to the .5 retrace seen in the 20% drop in 1998, for example, and in 2016, before the inevitable double bottom some time in Q1. After that, it's...
Hi All, Hope all your trades are going well This is just a note to self
For now im playing this setup on SPX closed my short from 278 at 268 and longed at 268 golden zone, as of now i still feel a possibility for SPX to jump to new highs of 3000 before falling off as EW suggest this is the only way to me that i can count the 5th wave in a generally reasonable way, only thing stopping this is an algo which has pulled at the previous...
Has been trading down, Down trend will continue for a bit.
Okay, looking at the SPY 1-hour time frame it looks to me as though there is a good chance that an inverse head and shoulders pattern will be completed. After a nice bounce back from the low set on Oct. 29th the markets are pulling back today for a variety of reasons. One reason was Apple earnings, another was trade news that came out which the market didn't like,...
If we see a strong bounce next week, it could signal that we're in an inverse head-and-shoulders pattern. A likely bottom is forming, good entry point.
I usually don't show what I am looking at on both sides of the trade, so I am going to start doing so in the future... Here is how I see SPX if there's a clean break above ATH and the bull run continues into the end of the year...