S&P 500 IndexUpdated Weekly Preview - SPX500, RTY, NQ
All in the video. We had a nice move down last week, but this week I think it's likely that we have a bit of a struggle/chop in both directions before we start falling again. RSI is pointing to more upside and we have a gap open on SPX500 cash at 4500 area. I'll update when I can, I have more traveling this week.
Good luck!
Good luck!
Note
good morning, they pushed it overnight past the channel I was watching. The Original target of 4500 is still possible, but the smaller time frame RSI is overbought here. Another resistance is 4485-90, and that might be a better target for the end of this run. I expect more downside as of now after today. Note
rejection at target area, it could be the top, not sure just yet. Note
whats interesting about today's move is both IWM and DJT are not participating in the rally. Some consider them to be a leading indicator, We'll see tomorrow. I predict SP gap fills today or overnight, but I still look for more downside tomorrow and rest of week.
Note
One more high to test the previous topping area still looks likely to me. 4505-4510Note
close up of channel Note
they broke the overnight channel, so maybe the count is more like this. Either way, the small time frame RSI is quite low so I expect a bounce at or before open. Note
another possibility is we finished only the A of a B wave - like this. This would mean that we come down today in anticipation of CPI tomorrow and then we have a strong move up after CPI, which would get rejected at the target I'm proposing - 4505-4510 (more or less). This would confuse the majority of participants and probably get most traders out of the market before the bigger move down. I still think a larger move down is coming, but the RSI being this low on smaller time frames bothers me here. Note
here's the economic calendar, a site I keep bookmarked. us.econoday.com/byweek.aspNote
daily 18ma is at about 4450, that may be the target if this plays out. The C wave target would then likely be the lower BB - Note
IWM outperforming today - another sign (for me) tomorrow could be up after CPI. I've been waiting for this to kick bak, looks like it started. Note
updated video - i will post there until end of week. 
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.