SPX500 - leaning bullish for the week
Updated
I've made a few posts over the weekend explaining why I think a rally from here (or close to here) is possible. We are going to open the week above last weeks close. For an inverted hammer candle to gain some traction as a reversal signal, that's a checkmark for bulls. The 4hr time frame has hidden bullish divergence which should also not be ignored.
The key this week will be getting over 3700 and holding it again. At that point the crash scenario will look less likely and we will probably start to see strong buying. Target of 1:1 is around 3870 to 3900 - top of the last melt down candle and test of the resistance zone. I'm wrong if they start breaking below 3570 (previous low). We may dip in the morning, but I expect buyers to come in since we didn't crash overnight. Good luck!
The key this week will be getting over 3700 and holding it again. At that point the crash scenario will look less likely and we will probably start to see strong buying. Target of 1:1 is around 3870 to 3900 - top of the last melt down candle and test of the resistance zone. I'm wrong if they start breaking below 3570 (previous low). We may dip in the morning, but I expect buyers to come in since we didn't crash overnight. Good luck!
Note
US Dollar wedge may breakdown today Note
if we pullback this morning, this structure may act as the buy area Note
Horizontal support holding, adding a few longs here Note
Support broke and it looks like (as of now) they are going to test the smaller structure and take out Friday's stops. Still leaning bullish as of now. Note
Looks like they are trading this, over 3650 and it will look better for bulls. Note
nope they broke down, so now the smaller structural trendline near 3600 is in play. A spike below is possible Note
reached trendline, bulls need to step in Transports showing relative strength today - sometimes a bullish sign. Under 3600 on an hourly close and this buyzone is not correct. Note
getting a reaction after they undercut Friday's lows. Needs to hold the trendline for the day for Bulls to start coming in with more strength. Nothing is confirmed yet. Note
looks like a bear trap after stops were taken out from Friday's low, The low should be in if we are going to rally Note
here's the line both sides are trying to capture, bounce was from the weekly 200 sma Note
US DOLLAR starting to break the wedge, not confirmed yet. Bulls are tough here. Note
DJT transports still positive on the day Note
daily candle shows indecision - Bulls held the 200ma weekly (bullish) and the structural trendline, but bears kept them under the high of the day. I'd say that's a draw and the candle shows it. If the dollar falls overnight expect the markets to rally, and the djt (transports) showing strength may be a hint. On twitter "great depression" was trending which I thought was interesting. Over 3650 and it will look much better for bulls but - solidly under 3600 tomorrow and it will look better for bears. ok that's it for the day good luck - 
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