SPX is in mid range decision point
Updated
Happy Sunday everyone
Here is a 4h chart.
We are getting close to the breakout point, has to hold at that upper trendline
Main resistance is at 3775SPX, dont rule out a fakeout into 3800 to finish up C wave up.
- If breakout happens, will be watching for the test of the breakout trenline from the bottom and if broken out from the top.
- Will do a long trade on the test with a tight stop (if breakout happens)
- 3800-20SPX will be a very important level to watch or 3798SPX on closing level (bull/bear closing number)
- above 3820SPX we will see 3910-25SPX
Few things to mention:
- TRIN is at .69 on Fri close (can mark a top or within 2 days)
- VIX at support
- All main moving averages are pointing down
- Bull flag broken to the upside on Fri (something to pay attention to!)
- Right shoulder is getting close to invalidate, watching
Will be watching 3800 and 3645 SPX levels this coming week.
We have a directional change tomorrow as well as following Tuesday.
My thinking we will turn down hard on Monday and bottom on Tuesday fulfilling cycle low on the 24th
Then rally into the 27th high and down again into EOM or 2-4th of Nov
Will be looking a rally after the Midterms, which will be short lived.
A maj low on week of Nov 21st and then rally into Jan
Nov low will be a good swing long imo will be looking for dips to buy after that low is behind us.
Will post long term view next
Here is a 4h chart.
We are getting close to the breakout point, has to hold at that upper trendline
Main resistance is at 3775SPX, dont rule out a fakeout into 3800 to finish up C wave up.
- If breakout happens, will be watching for the test of the breakout trenline from the bottom and if broken out from the top.
- Will do a long trade on the test with a tight stop (if breakout happens)
- 3800-20SPX will be a very important level to watch or 3798SPX on closing level (bull/bear closing number)
- above 3820SPX we will see 3910-25SPX
Few things to mention:
- TRIN is at .69 on Fri close (can mark a top or within 2 days)
- VIX at support
- All main moving averages are pointing down
- Bull flag broken to the upside on Fri (something to pay attention to!)
- Right shoulder is getting close to invalidate, watching
Will be watching 3800 and 3645 SPX levels this coming week.
We have a directional change tomorrow as well as following Tuesday.
My thinking we will turn down hard on Monday and bottom on Tuesday fulfilling cycle low on the 24th
Then rally into the 27th high and down again into EOM or 2-4th of Nov
Will be looking a rally after the Midterms, which will be short lived.
A maj low on week of Nov 21st and then rally into Jan
Nov low will be a good swing long imo will be looking for dips to buy after that low is behind us.
Will post long term view next
Note
Here are 2 charts showing that we are making series of 3 waves up, which are all corrective in generalMain target (3778-79) is in the same resistance zone 3775-80
Note
One more thing to add:- Daily P pivot level is at 3764SPX!
Note
Dont forget to press that rocket button to push this chart up for others to see it.TIA
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.