SPXUSD daily guidance is neutral with a bullish bias. Recommended ratio: 52% SPX, 48% Cash.
*BOUNCE WATCH. Chicago Fed President Charles Evans mentioned yesterday that FFR will likely top out around March of 2023. DXY, US Treasuries and VIX are finally down today while Equities, Futures, Commodities, Cryptos, EURUSD and GBPUSD are all up. I think it's safe to say that this price action is in large part a technical correction due to DXY being a bit overbought. Key Upcoming Dates: Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30; S&P US September Manufacturing PMI at 945am EST 10/03; September Employment Situation at 830am EST 10/07.*
Price bounced off of $3658 minor support (level has been revised since last TA) and is currently trending up at ~$3718, the next resistance is the lower trendline of the descending channel from August 2021 at ~$3800. Volume is currently High (low) and on track to break a six day streak of seller dominance if it can close today's session in the green. Parabolic SAR flips bullish at $3850, this margin is mildly bullish. RSI is currently trending up at 36 after bouncing off the uptrend line from August 2015 at ~32, the next resistance is at 38. Stochastic crossed over bullish in today's session and is currently trending up at 13 as it approaches a test of 18 resistance. MACD remains bearish but is currently trending sideways at -100 as it is begins to form a trough, it is still technically testing -76.22 minor support and the uptrend line from March 2020 (~-80). ADX is currently trending up at 27 with no signs of peak formation as Price tests this critical minor support ($3658), this is neutral at the moment.
If Price is able to continue the bounce then it will likely retest the lower trendline of the descending channel from August 2021 at ~$3800 as resistance. However, if Price breaks down below $3658 minor support, it will likely retest $3517 minor support for the first time since November 2020. Mental Stop Loss: (two consecutive closes below) $3658.
*BOUNCE WATCH. Chicago Fed President Charles Evans mentioned yesterday that FFR will likely top out around March of 2023. DXY, US Treasuries and VIX are finally down today while Equities, Futures, Commodities, Cryptos, EURUSD and GBPUSD are all up. I think it's safe to say that this price action is in large part a technical correction due to DXY being a bit overbought. Key Upcoming Dates: Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30; S&P US September Manufacturing PMI at 945am EST 10/03; September Employment Situation at 830am EST 10/07.*
Price bounced off of $3658 minor support (level has been revised since last TA) and is currently trending up at ~$3718, the next resistance is the lower trendline of the descending channel from August 2021 at ~$3800. Volume is currently High (low) and on track to break a six day streak of seller dominance if it can close today's session in the green. Parabolic SAR flips bullish at $3850, this margin is mildly bullish. RSI is currently trending up at 36 after bouncing off the uptrend line from August 2015 at ~32, the next resistance is at 38. Stochastic crossed over bullish in today's session and is currently trending up at 13 as it approaches a test of 18 resistance. MACD remains bearish but is currently trending sideways at -100 as it is begins to form a trough, it is still technically testing -76.22 minor support and the uptrend line from March 2020 (~-80). ADX is currently trending up at 27 with no signs of peak formation as Price tests this critical minor support ($3658), this is neutral at the moment.
If Price is able to continue the bounce then it will likely retest the lower trendline of the descending channel from August 2021 at ~$3800 as resistance. However, if Price breaks down below $3658 minor support, it will likely retest $3517 minor support for the first time since November 2020. Mental Stop Loss: (two consecutive closes below) $3658.
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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.