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S&P500 (SPX) New All Time High or Further Drop for AccumulationHello Fellow Trader! S&P500 (SPX) New All Time High or Further Drop for Accumulation SPX found support at its previous all time high price 3394 before bouncing and looking to test new highs. There are two options in play to trade this structure and the higher risk to reward play would be testing the June 2020 high 3232. Scenario 1: IF price forms some type of flag or continuation pattern for further upside, the multi-month trend line will stay intact as support for price to advance. Scenario 2: IF the current structure looks like a consolidation pattern hugging above trend line, this could suggest there is a possible drop to test June highs. At this point you will find mass accumulation. Key Points: Scenario 1: - Price above 50 EMA - Price above 200 EMA - Multi-month trend line as support - 1 Hour time frame could present bullish flag patterns or candlestick reversals for upside - SPX has been extremely strong, and any dip pull backs have been bought up immensely - Trading the trend. - Found support at 38.2% Fibonacci of last major range Scenario 2: - RSI slices through mid-point - A consolidation pattern above trend line suggests the buyers are wearing thin. - Accumulation zone will coincide with 200 EMA support & June high resistance / new support. - Accumulation zone coincides with 50% Fibonacci retracement of last major range - Presents an extremely desirable risk to reward ratio Key Levels: Support – 3394, 3280, 3232, 200 EMA Resistance – 3480, 3588 Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals. Scenario 1: Optimal Entry – 3394 Supporting Entry – 3420 Scenario 2: Optimal Entry – 3250 Supporting Entry – 3320 Candle Reversals for entry - Bullish Hammer - Bullish Engulfing - Bullish Piercing The Risk: As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios. If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital. Scenario 1: IF: Price breaks below the trend line / 3350– this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Scenario 2: IF: Price breaks below 3199– this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Reward / Reward Targets: Scenario 1: Optimal Entry 3394– Target 1 3588= 5x Reward to Risk Supporting Entry 3420 – Target 1 3588 = 2.3x Reward to Risk Scenario 2: Optimal Entry 3250– Target 1 3588 = 6.7x Reward to Risk Supporting Entry 3320 – Target 1 3588 = 2.3x Reward to Risk My plan is to touch base with this second scenario if it presents and create the new trading plan if any variables present. This trade could be extremely potent.
TVC:SPXLong
by tradetheday
3
💥 SPY and the DJI at Resistance BUT do we go Higher? 💫🙉💬 The SPY (ES1!) and DJI (YM1!) are both approaching resistance according to their futures contracts charts (ES1! And YM1!). Do we get a pullback here, or does the Dow retest its previous top while the other indexes run? We think both moves are in the cards. Given that, let's look at some support and resistance levels to get a sense of what might come next. Hit that 👍 button to show support for the content! Help the community grow by giving us a follow 🐣 ----- ES1! Support: S1: The range at the S/R flip and pivot point is a very obvious support level. We expect a reaction here if tested. S2: If this S/R flip and orderblock range is tested it is very likely to hold. This looks like the perfect entry if we do get a pullback. Fear should be high going into this major support. ES1! Resistance: R1: Our one and only resistance is the one we are at right now, the orderblock range at the previous high. A correction here doesn't really dampen the bull case assuming S1 or S2 holds. Despite this, it the ideal is for the bulls to break above R1 and treat it as support moving forward as shown by the bullish ABC on the chart. YM1! Support: S1: The S/R flip for the Dow isn't as pronounced as the S&P's, but we expect a reaction here regardless. S2: The orderblock and S/R cluster is the obvious support, just like it was for the S&P. Fear should be high going into this, but this is an ideal entry for bulls if we get a correction. YM1! Resistance: R1: If the Dow Jones can take out this resistance, or if the S&P can take out its resistance, then the bulls get a field day because there will be no resistance on any chart until the Dow's R2. R2: It would make a ton of sense for the market to see a pullback as the Dow finally retests the orderblock range at the all-time high. With that said, a breakout above R1 means lots of room to run to R2. A rejection here and we would then look for R1 to become support as illustrated by the bullish ABC on the chart. ----- Summary: The S&P and Dow Jones are both at resistance, we have yet to see a breakout. A breakout for either likely pulls the rest of the market up and then the main resistance becomes the Dow's R2 range at the previous high. A rejection here, and we have our eyes on S1 and S2. Splitting bids between these levels makes sense. Now, how much of this is going to be influenced by stimulus deals and dollar weakness? That is a great question, our main focus here is on resistance, but either of those items could make a big impact. Resources: nypost.com ✨ Drop a comment asking for an update, we do NEW setups every day! ✨
CME_MINI:ES1!
by AlphaBotSystem
6
SPY rejection, then NEW HIGHSReguardless of the world's current events, you better believe that stocks can rally to new highs & continue climbing. Reguardless how many people die, businesses fail, or governments collapse, this can happen. 1. The real people/companies/funds who have the money to keep in financial markets play their own game & are not about to let it fall apart. 2. The richest people/governments have no choice but to keep their money in assets, this includes financial. They see money as the real tool, resources, & asset for driving more revenue. They don't get scared out of financial markets just because asset prices fall. You can learn that from the JP Morgans & Warren Buffets of the world. 3. This exact place we are at is a mirror of the same places we've been at time after time, generation after generation. This is a mirror of a cycle that will continue to occur, as that is the nature of attaching human sentiment to market behavior. 4. This is a numbers game that can be manipulated on so many levels, including corporate debt restructures, currency valuations, & government intervention. ASSETS CAN RISE INDEFINITELY AS LONG AS THERE IS A MARKET FOR THEM TO BE BOUGHT & SOLD IN + WILLING PARTICIPANTS! It is within the best interest of every high-net individual to participate in asset markets, as they allow the opportunity for capital appreciation with limited associated costs. Conclusion: the market could fall & retest the low for all I care, but you better believe it could recover & double in a blink. The GREEN line I have drawn is a level of support that, if held, will provide enough momentum to provide a substantial breakout for financial markets across the globe. Disclosure: I am anticipating a short entry but only down to the GREEN line. At which point, I will not fight the proven upward momentum & will be anticipating the opportunity to build a LONG position... SHORT TERM I'M BEARISH, LONG TERM I'M BULLISH.
AMEX:SPYLong
by BillionaireTomBoi
DE 30 - BullishGenerally the DAX30 was on going a retracement after a long bullish run from March 20 - the following presents a 4 hour chart idea based on price action and technical analysis - * Moving upward the price had crossed the 21 MA and support area of 12580. * it then made a retracement and tried to go below the 12500 level downward but it was hammered up by the buyers to stay above the 12580 level * If the 12580 level stays strong - a good area to buy would be at the 12650 -12670 With : SL - 12500 TP 1 - 12745 Tp 2 - 12846 Tp 3 - 13200 Good Luck!!
DLong
by AlSabahi