SP500 reversal, ideas on what's next
Updated
All in the video, I expect some kind of retrace before further move up after a retracement, but at the same time a fast move up like this can be a C wave - so I talk about both scenarios.
Note
Bears would also probably note that we stopped at an area which could be considered another resistance, so red lines added to this chart in case that's true. Note
We reached and stopped at the 18ma on the daily chart, Ira Epstein talks about this as being the "line in the sand for bulls and bears" - above it is bullish but below it is bearish. Waiting to confirm the bullish move - probably tomorrow will help. OK have a great evening. Note
pullback today possible, see latest post Note
TO the trendline on spx cash, if they fail here it's bearish Note
broke down, aggressive short sellers could enter at retest of channel Note
SPY retest of 363.5 area would be ideal for a short entry, going to wait and see if they can get there Note
starting to look like one more wave down is possible on the indexes, would make sense as VIX never spiked yesterday on the move downNote
it's possible spx wants to form a head and shoulders if they can bounce a little here Note
no buyers yet but before end of day a bounce to 3644 on spx is likely from the structure I'm watching. The lower probability trade (one more lower or equal low next week) seems to be playing out. Will update if things change. Note
Head and shoulders looks done, they couldn't get back over the neckline 
Related publications
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.