S&P 500 uptrend can continue until Fed meeting with new 2015 ATH
Updated
The market bought up the downtrend risk as if the Paris attack never happened with a short squeeze on Monday which turned into a real strong uptrend and now it is back to my "rally until the FED speaks in December" plan, which I posted earlier. I hate to flip flop so much, but the market is in such a key pivotal area here between breaking out to a new yearly high or creating a super bearish double top, which would be the start of a recession in 2016.
If we do get a new high I see it happen around the monthly R2 pivot price slightly above 2040 points.
Entry: 2050 (when it dips lower next week)
Stop loss: 2023
Target: 2040
If we do get a new high I see it happen around the monthly R2 pivot price slightly above 2040 points.
Entry: 2050 (when it dips lower next week)
Stop loss: 2023
Target: 2040
Note
Three days later than I had expected the S&P 500 finally turned up high enough that the MACD on the daily gives the buy signal I predicted to happen between Monday-Tuesday this week:Signal line crossed bullish with MACD:
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.