SPX - Short term data
Updated
Lots of information to pile onto my post on the weekly scale.
Short term direction continues short to 3978.
Short arguments:
Long arguments:
Outlook:
Hope this helps your analysis.
May the odds be ever in your favour!
Short term direction continues short to 3978.
Short arguments:
- Elliot Wave did not - Expected wave C to go farther to flip it to a wave 3 on long
- Fibonacci retracement stopped right at 4178 (50%) - Closes at top and bottom of the initial downtrend
- We have crossed 21 EMA currently
- All data isn't helping the feds bullish hoorah's on rates for long-term
Long arguments:
- Golden cross last week with 50 and 200 MAs
- We are still north of that major downtrend between the yellow
Outlook:
- Closing below 4070 today would have us below the 21 day EMA
- Support around 3980 with 50 MA and our upward rally trend line
Hope this helps your analysis.
May the odds be ever in your favour!
Note
So we closed above the 21 day EMA. Shorts sold. Potential Long early next week. Have a great weekend!
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