pptw

pptw

In my previous post I indicated a good R/R sell opportunity. A small update now given the latest development. We see SPX is retracing back up. It found support on a trendline (clearly testing it), and locally we do not see a lower low but a higher low. It seems SPX is gonna test the resistance of the right shoulder top(orange line) that was recently formed....

pptw Updated 

The bullish short term view I had last week - explained in my last idea - is gone. First the supportline from the bigger rising wedge formation broke last week. Now over the weekend, the support line from early April was invalidated. This means we are officially bearish in my eyes. This support line could function as resistance, but maybe with enough bullish I...

pptw

Yesterday we made a new high at 2970, bullish signal. Of course, we see retracement. Looking at the hourly graph, we see SPX is retracing towards 2850, the high off 14th of April and the battling around the same level early March. Since RSI on hourly is getting oversold now, and we have a trendline starting on 7th of April and being tested twice, this could act...

pptw Updated 

Minor update for what is going on with SPX. I was bullish SPX and I believed the wedge outbreak on the downside was a false breakout, thus invalid. That made me update the previous wedge. We see SPX is hovering around 2900 level(Daily 100EMA), and it is caught between the Daily 100 EMA and the Weekly 100 EMA. In a wider band we see it is caught in between the...

pptw

In my last post I stated I saw upside till at least 2900 levels. Now we are there, I can continue makingnew assumptions. Since we are in a clear bull trend this month, RSI is still not overbought and the market has shown very little sign of weakness, I am bullish. We went from my previous post's level of 2760 to 2900, and I expect we will make new highs soon...

pptw Updated 

Corona times, pleanty of bearishness, but markets are irrational and they ignore all the unemployment and super bearish index/indicator numbers worldwide and IMF statements about depression. FED seems to be pushing up here and there as well. My view is long for the mid term - couple of weeks /months - with following reasoning: - We tested 50 EMA from below, went...

pptw Updated 

Corona times, pleanty of bearishness, but markets are irrational and they ignore all the unemployment and super bearish index/indicator numbers worldwide and IMF statements about depression. FED seems to be pushing up here and there as well. My view is long for the mid term - couple of weeks /months - with following reasoning: - We tested 50 EMA from below, went...