Short

S&P500 - Bullish Corrective??

Updated

is starting to clean up and give us a real clue as to whats coming in the next few weeks.

If its really bullish it needs to hold this 78% level and head up to new recent highs.

Due to the drop in yesterdays session we now look lower towards the 4k level and even as low as 3980.

An Ideal Scenario sees us getting a retest of 4100 which has been support through Feb and then dropping from here to the lower targets.
Being a friday we look for a bullish day followed by Selling coming in next week.

Also with Time and Price, if we go below 4030 before Wed 22nd then 4k will be the target. Key Date..

I hope this helps. Enjoy the Day!!

Note

Update-

Looking for one more move higher to complete the ABCD back to the 382. This will set up the next Sell signal. Its the day after a holiday so the stats tell us that its bullish 76% of the time. If it starts heading lower and takes out 4054 78% then we might get the move to 4000-4030.

Note

We are now in the time objective for time and price to line up. @ the major number of 4k as well. If this level holds then we have to watch the rally. If it doesnt then we look downside for the next targets..

Note

We ended up getting down to the lower extended level after the FED Minutes overnight. We are now having a bounce. If this is bullish or bearish a good place to get in would be a Pb to go long and then see how the structure plays out to see if its Bullish or Bearish.

Note

Shorter term TF. Support on 4k is key to the move higher in the short term.

Note

Yesterday we got one more low which was unexpected but with the bounce we have had now im thinking the temp low is in. Still looking for that 4k support level to hold to take us up towards the 4050 area depending on where the B-C leg finishes.
Friday being a bullish day in general we can look for the upside.

Trade active

Long Trade triggered.

Note

At key support. If it gets below 3900 then its a quick trip to 3850.

Note

Key time in the S&P500 this evening. If we are up look for it to be weak into the close and if its down look for a rally.

Note

After making the low, we have had a nice rally which is looking strong and its run through the 38.2% level. Now looking for a top to come in then to buy a PB into the 4k area would be the ideal set up. Ideally it takes a couple of days to correct in an ABCD Pattern to the 4k level. Then upside target is 4300-4400.

Note

Longer term targets towards 4300-4400.

Note

A temp top seems to be in place. Now we look for a PB before the next leg higher starts.

Note

S&P500 hit the target area yesterday and is now having a bounce. A 2-3 day rally would set up the next sell area.

Note

We now have double ABCDs heading towards the 3950 area. yesterdays CPI Data was a non event and the market heads higher. Tonight we have the PPI and Retail Sales out of the US. A surprise?? Not likely.
If we get a number showing Inflation coming down then it may not stop at these levels with 4000-4030 being the next stop.
Enjoy the day.

Note

We had a deeper correction yesterday after the Europe sell off, but im still looking for more upside to complete the pattern then we might see some serious selling. Rallying into Friday would set up a sell signal going into next week.

Note

After gapping up this morning the market has given up those gains and looking like it wants to head lower to major support around the 3872-3880 area.
We have the US Interest rate this week which will get the volatility going on Wednesday and this could set us up for the next few weeks if its good or bad.
Either way there will be some good opportunities.

Enjoy the week.

Note

Moment of truth.. Below here and things could get serious.

Note

S&P had a nice rally from the support area we were watching yesterday. Now we wait for a retracement to give us the next signal for an upside move. Tomorrow is D Day for the FEDs Interest rate decision. This will give us a direction for the next few weeks.
Still the possibility of the upside target around 4300.
Enjoy the Day.

Note

After a continuing rally with no decent retracement yet we look to the higher areas of 4020-4030. With the US Interest Rate decision tonight we might even spike up into the 61.8% area @ 4047. A lot riding on Mr Powell's comment's tonight.
This will be one to watch and then look for trades after.
Enjoy the day.

Note

After completing the Pattern from last week and correcting to complete the ABCD down. We now look for more upside towards 4100. This is depending on the structure we get from the Retracement.
Enjoy the week. Updates will be posted when it becomes clear.

Note

We got the move back down to complete the pattern and have had a strong bounce, so now we wait for a top to come in and repeat the ABCD PB to get the next leg higher.

L_F

Also on:

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.