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SPY- Futures have broken structure.Since the Futures have already broken structure we can assume that we will get that start of some downside movement. Whether we already topped or if we are simply pulling back is a big mystery in my opinion. In fact, trading bounces, are very difficult as there is an inherent lack of information as the movements are so volatile, not leaving as much room for analysis. I will be watching the horizontal supports closely to see if they are holding price or if we break down from them. If we do break down from both of these horizontals we will be looking at our SPY 233 lows. If that cannot hold then we will impulse down toward 212. The horizntal supports provide oppotunities to exit some shorts and de-risk and wait to see if they hold.
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by PipMiesterStronger
SP500 at tipping pointThere's been a lot of FUD going on in the market lately. Multiple days of several hundred point drops will do that. Ignore the FUD, and read the tea leaves. Here's what the charts say to me: SP500 remains in the bull wave channel which began nearly 10 years ago in March 2009. As long as the price remains in this channel, the bull market continues. Red line is long term support. Blue is long term resistance. Failure of the red support is bad. If 2940 is in fact the market high, then 2460 is the first short target and will likely be the first domino all the way down to 1580 -- perhaps even 1140-1200 if we retrace in a similar fashion to 2008/2009. Right now, I think the price is more likely to go back up than down, but should the red line fail, GTFO.
AMEX:SPYLong
by jdharward
4
ASX - over extended market.The market has over extended now and as i have mentioned in my previous post, i am expecting green this week. Today's close is evident of that and looks good for a 1-2 week up trend. I Expect us to reach the red area before heading down lower. friend of mine mentioned that US earning reports re coming out in 2 weeks. This may be the catalyst that takes us lower into the next lot of targets. Other than that, we should have some relief. Fisher and RVGI ready to reset.
ASX:XJOLong
by rarea
S&P 500 Parallel AnalysisThe SP 500 is stair-stepping up parallel support lines, whilst butting up against parallel lines set by March intraday lows. This is technically bullish, and implies that a breakout to the next parallel line is in the cards. The only concerning point is the successive Stoch RSI bearish divergence. While excessively bullish markets will ignore bearish divergence (and vice versa for bearish markets), the fact that price is close to parallel resistance might suggest that a temporary high could form. With that said, if a pullback can hold above the breakout line, which is confluence of the parallel lines that have held for the balance of the year, this would be incredibly bullish, and would project a measured move to the 3000 level.
FOREXCOM:SPX500Long
by TheRealPeaches