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Spx500short

SPX500USDIt's likely that we will see a little bit of a pullback as we are at the top of the range. The S&P 500 has rallied a bit during the course of the trading session on Thursday before turning around to form a bit of a shooting star. The candlestick of course is very bearish, and it is worth noting that the NASDAQ 100 has formed something along the lines of a “evening star.” That of course is a negative sign, suggesting that perhaps stocks are going to roll over. To the downside, the uptrend line continues offer support, right along with the 50 day EMA. Beyond that, the 4500 level before they are also offer support, so I think it is only a matter of time before we see some type of bounce. We have been in an uptrend, and I think that does not change anytime soon, so therefore it is only a matter of time before buyers get in on dips and take advantage of “cheap stocks.” After all, this has been a bit of a “buy on the dip” type of market for ages, especially as the Federal Reserve continues to offer cheap money for traders to indulge in. Despite the fact that there has been talk of tapering later this year, the reality is that there is no real sense of them raising interest rates anytime soon. If we were to turn around a break above the top of the shooting star, then the market is likely to go looking towards the 4600 level, as the market tends to move in 200 point increments. After that, it will be interesting to see where we go next, but it is very possible it could be 4800. There is always the negative turn of events, and that would be something that I would play via puts, because flat-out shorting the S&P 500 has been a very dangerous thing to do for ages, and as a result it is difficult to imagine a scenario where I would actually do that. You look at the chart and you could see a plainly carved out up trending channel, so as long as that remains in effect, it tells you where you are going to be a buyer and perhaps take a significant amount of profits along the way. Because of this, as we are at the top of the range is likely that we will see a little bit of a pullback.
OANDA:SPX500USDShort
by SmoothJB
US Market Technicals Ahead (2 August – 6 August 2021All eyes turn to the US July jobs report due this Friday, with investors on the watch for any catalysts that could encourage the Federal Reserve to tighten monetary policy sooner. Earnings will continue to dominate headlines, with more than a quarter of S&P 500 companies set to report this week. Berkshire Hathaway ($BRK.A), General Motors ($GM) and Uber ($UBER) are the headlining companies due to report their quarterly result. The crackdown by Chinese market regulators could continue to be a major story and in the UK the Bank of England is to hold its latest policy meeting where it is likely to echo the Fed’s view that there is still some way to go before stimulus can be reduced. Here is what you need to know to start your week. S&P500 (US Market) The benchmark index $SPX ended the week with a muted -0.10% (-4.3 points), closing near its peak at 4,400 level. $SPX remains above its multi-month long trend channel that was earlier highlighted. Every break out of $SPX trend channel resistance has been met with a rejection (6 times since 2021). The immediate support to watch for $SPX this week is revised up to 4,310 level; the 50DMA short term support level, along with a 75% retracement within its trend channel. July jobs report Friday’s U.S. non-farm payrolls report will provide fresh clues on the strength of the economic recovery and inform the outlook for Fed policymakers. Economists are expecting the economy to have added 900,000 jobs in July after a forecast-beating 850,000 in June. Last week Fed Chair Jerome Powell said the job market still had “some ground to cover” before it would be time to start scaling back stimulus measures the central bank enacted in the spring of 2020 to combat the economic fallout from the coronavirus pandemic. In June Fed officials began debating how to wind down bond purchases but there is no clear timetable yet for when it will begin pulling back emergency market support measures. Earnings Investors will get a fresh batch of earnings reports in the week ahead from companies such as Eli Lilly ($LLY), CVS Health ($CVS) and General Motors ($GM). Expectations of strong future earnings have been the key driver of the S&P 500’s gains this year, according to a Credit Suisse analysis of the index’s year-to-date performance that compared change in stock valuations with changes in expected earnings. U.S. stocks fell on Friday and registered losses for the week as Amazon ($AMZN) shares dropped after the company forecast lower sales growth, but the S&P 500 still notched a sixth straight month of gains. China crackdown China’s recent regulatory crackdown has frightened investors away from Chinese stocks and left tech companies operating in an uncertain environment. China has been tightening its regulatory grip on overseas share issuance after it launched a probe of ride-hailing giant Didi Global last month, just days after its listing in New York. Following a sharp selloff authorities moved to calm market jitters which put a floor under stocks and the yuan, for now. In the coming week investors will be looking to Chinese PMI data amid growing concerns over a slowdown in the world’s second largest economy, which could be the next test for markets. Bank of England meeting The Bank of England is expected to keep stimulus running at its current pace when it meets on Thursday, despite some disagreement among policymakers over the size of its bond-buying program against a background of rising inflation and an improving economy. Officials are likely to raise their inflation forecast for this year, but the outlook for growth remains uncertain amid concerns over the delta variant.
UShort
by jfsrevg