Intraday Update: The SPX has been grinding against the upper channel resistance since last week. The problem for the market it is not letting bulls in OR letting bears cover shorts. A weaker than expected #CPI could accelerate the move higher above the channel resistance into all time highs.
And you may ask yourself, "Well, how did I get here?"
Our detailed Elliott Wave analysis of the S&P 500 suggests the index may be poised for a downturn following the completion of Wave (5). We are currently observing the formation of a corrective ABC pattern, signaling potential declines. As Wave (b) appears to peak, we anticipate the beginning of Wave (c), which is often a sharp downward movement. Based on Elliott...
The S&P 500 Index Has Reached a Significant Resistance Level Analyzing the S&P 500 chart (US SPX 500 mini on FXOpen) on April 26, we wrote about how the April decline could be a correction to the lower boundary of the channel within the 2024 rally. Following this, a logical development would be for the bulls to attempt to resume the upward trend and make another...
SPx New Forecast The price is anticipated to approach the resistance levels at 5267 and 5280 before declining to 5249 and 5196. However, the Consumer Price Index (CPI) will have a significant impact on the market. With expectations set at 3.4% or lower, this could bolster bullish trends for indices to reach 5280. Nonetheless, if the CPI is released at 3.4%, the...
S&P 500 is currently in a supply zone. If it breaks above, it could reach around $6000 and continue upward, but if it drops below $4800, I expect a bullish trend to start.
Today's focus: SPX500 Pattern – Continuation Support – 5211 Resistance – 5267 Hi, traders. Thanks for tuning in for today's update. Today, we are looking at SPX500 on its daily chart. Today, we wonder if the SPX500 can maintain its current bullish bias and possibly test or break all-time highs. Yesterday, buyers fought back after the PPI data, helped by...
Please pay special attention to the very accurate trend, channels, and colored levels. Its a very sensitive setup, please be careful. BEST, MT
Federal Reserve Chair Jerome Powell emphasized the need for continued patience in monitoring inflation trends during his remarks at the Foreign Bankers’ Association's annual meeting in Amsterdam on Tuesday. Powell highlighted that while there was some easing of inflation in the U.S. last year, the first quarter showed unexpectedly high inflation rates, which were...
I've been away refining my method and have returned to deliver a series of important predictions for the coming weeks. The first is a look at the general market using S&P futures. Here is a summary of this chart: ** 2 key levels (above and below): 5163 was the breakdown level from back in April - a retest of this level for resistance is very bearish, but if...
All ideas are strictly my interpretation of price action. I am not a professional trader nor is this professional advice. I will continually update all trades.
US stock indices were a tad firmer this morning following on from yesterday’s mixed session. The main takeaway from Monday’s trade was that the Dow finished a touch lower, and so its run of eight successive positive sessions came to an end. Otherwise, the S&P 500 and NASDAQ 100 continue to consolidate, trading sideways and within spitting distance of their...
Chart looks Bearish, Raising wedge, Bear flag, inverted Cup and handle. Bearish for some time.
#US500.. S&P - market very well holing his supporting areas and grinding higher highs. now market still consolidate from last couple of sessions, keep close it guys because if market hold his current resistance area that is 5235 around then drop expected from here, keep close it and don't be lazy here..
The inflation rate, CPI, and retail sales for the previous month will be released tomorrow. The general market expectations are that the inflation rate advanced higher by 0.4% MoM and 3.4% YoY in April 2024. The CPI is forecasted to come in at 313.75, and retail sales are expected to soar by 0.4% MoM, slowing down from an increase of 0.7% in March 2024. However,...
Stock Index Futures Show Little Movement Ahead of Key U.S. PPI Data and Powell's Remarks Federal Reserve Vice Chair Philip Jefferson emphasized on Monday that maintaining current interest rates is prudent until there's clear evidence that inflation is on track to meet the Fed's 2% target. Describing the Fed's policy stance as restrictive, Jefferson voiced...