With crude having a bottom firming up at $70, the short term trend indicates continued movement higher with a short term price target between 74 - 76 (50 / 200 EMA). This buying is supported with the 5/16 COT report showing a large increase in the net long positions of the producer category indicating an anticipation of increasing prices. The last time the...
TVC:SPX should continue in a market pullback tomorrow for options expiration day. The 3, 4 and daily charts are all showing over extensions from the cloud and nearing overbought categories in the RSI. Couple that with growing unease about the markets sustainability and we should see a high open, most likely around the 3390 range and then a melt down from there....
SPX is has slowed down quite a bit and is struggling to post gains. I believe we are going to enter a downward correction over the next few days. I use Ichimoku Cloud for my options trading analysis and everything is pointing towards a downward push. On the intraday chart (3 min) we have a TK cross to the bearish side with the close below the cloud showing a...
SPY has turned bullish and should hold above 278 during this market consolidation based on solid Span B that has been tested and held. Based on futures markets, we could see an opening tomorrow (5/7/2020) around the low 283 mark. Assuming no crazy news comes out tomorrow to drive markets back down to test the 278 level we should see prices rise to the 287 levels...
Based on the channel right now and with sentiment going into earnings this can easily hit 8-9 range before Friday. As long as the hit comes in where people are expecting or it's better then we will get a great bounce. If it's worse then this can fall into the 6-8 range with a bounce back to 9 a few days later. Just my game plan on this. Gonna wait for it to fall...
