SP500 Correction LevelThe SP500 index continues to rise as long as it remains above the 20-week moving average, but this may be coming to an end. Weekly closes below $4436 will create a negative outlook. A correction could push the index down to the 100-week moving average of $4160. But as long as the index remains above $4436, the rise will continue.
US SPX 500
SPX500USD Will Go Higher! Long!
Take a look at our analysis for SPX500USD.
Time Frame: 1h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The price is testing a key support 4458.0.
Considering the today's price action, probabilities will be high to see a movement to 4478.3.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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Trend reversal zone: 103.484-104.064Hello?
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(DXY chart)
If this rise rises above 105.664 on the 1M chart, a new trend is expected to be formed.
This new trend is expected to show its exact direction when it rises above 106.416 on the 1W chart.
If you look at the location of the high point where the finger on the 1D chart is pointing, you can see that it is in a downward trend.
In order to turn this downward trend into an upward trend, support must be found around 103.484-104.064.
If that happens, DXY is likely to turn to the upside.
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(SPX500USD chart)
The possibility of renewing the new high (ATH) is increasing while maintaining the price above the HA-High indicator (4419.8) on the 1M chart and the HA-High indicator (4478.4) on the 1W chart.
Accordingly, the key is whether the price can rise above the HA-High indicator (4563.2) on the 1D chart.
To do this, we need to check whether we can receive support around 4514.3.
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(NAS100USD chart)
If it rises above 15624.6, it is expected to renew the new high (ATH).
Accordingly, the key is whether it can receive support and rise around 15090.3-15379.1.
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** All explanations are for reference only and do not guarantee profit or loss in investment.
** Trading volume is displayed as a candle body based on 10EMA.
How to display (in order from darkest to darkest)
More than 3 times the trading volume of 10EMA > 2.5 times > 2.0 times > 1.25 times > Trading volume below 10EMA
** Even if you know other people’s know-how, it takes a considerable amount of time to make it your own.
** This chart was created using my know-how.
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S&P 500 ForecastS&P 500 moved towards the 3980 level as traders prepared for tomorrow’s CPI data meanwhile, the tech heavy NASDAQ Composite was up by 0.4%.
Today’s rebound is led by energy stocks. WTI oil managed to get above the $73 level as traders focused on the Keystone pipeline outage.
From a big picture point of view, S&P 500 continues to consolidate in the range between the support at 3915 and the resistance at 3975. RSI is in the moderate territory, so there is plenty of room to gain additional momentum after the CPI data and the Fed decision. If the CPI report shows that inflation is slowing down, the current consolidation will serve as a good base for an upside move. However, it should be noted that traders may remain somewhat cautious ahead of the Fed decision.A move below the 50 EMA, which is located near the 3915 level, may be interpreted as a sign of an upcoming sell-off. S&P 500 received strong support near this level, so traders may rush out of their long positions if this support level is broken
we still in down trend and we should break the yellow line and back 4100 level
The Fed is still playing catch up to tame rising prices after its protracted gross mischaracterisation last year of inflation as ‘transitory’ and its initially timid steps to withdraw monetary stimulus,
The world’s most powerful central bank is now confronted with two unpleasant choices next year, crush growth and jobs to get to its 2% target or publicly validate a higher inflation target and risk a new round of destabilized inflationary expectations. I think Rather than fall to 2-3% by the end of next year, U.S. core PCE inflation will probably prove rather sticky at around 4% or above.
SPX500USD Is Going Up! Long!
Take a look at our analysis for SPX500USD.
Time Frame: 4h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a key horizontal level 4525.0.
Considering the today's price action, probabilities will be high to see a movement to 4580.3.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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SXP500 Index 30/08 MovePair : SPX500 Index
Description :
Bullish Channel in Long Time Frame and Rejecting from the Upper Trend Line Completing its " 3rd " Impulsive Wave. We have Break of Structure and Making its Retracement in Corrective Waves " ABC " . Possible Rejection from Fibonacci Level 61.80% or Previous Resistance
SPX500USD Is Very Bullish! Long!
Please, check our technical outlook for SPX500USD.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 4408.7.
Taking into consideration the structure & trend analysis, I believe that the market will reach 4514.5 level soon.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
Like and subscribe and comment my ideas if you enjoy them!
SPX500USD SellDaily chart is showing head and shoulder pattern. Uptrend line is already broken. The price is rejected by support turn resistance level. There are a lot of sell orders at that level.
The Fed still have intent to increase interest rate at the end of the year 2023 should the inflation continue to stay above 2% target. As US Interest rate increase, the USD demand will be high and thus attract a lot of buying pressure for USD. DXY is correlated with other USD pairs. When DXY is going up and other USD pairs will be going down.
SPX to new highs SPX loves cups and handles.
All the highlighted Cup & Handles on daily have played out beautifully so far, they all have been to the upside so far, but now we are making one to the downside with targets towards 4150. Then how do we reach new highs?
If we zoom out to monthly TF things become clearer. As long as we stay above 0.5 or close above it on monthly, we have a chance to make new highs in a year or so.
I have highlighted several upside targets based on where we bounce from on monthly.
SPX did everything as per the plan, Where to now?I posted this chart just last week as part of my Major short setup going back weeks. Link to previous post in the description, please go through that setup to get the context.
This is going to be a short post, since everything is going as per the plan we just have to wait and watch, Price back to where I expect either a break below or bounce to continue higher.
So as per the plan If it's going to bounce now, I have highlighted two 30 mins demand zones. where I expect a bounce. Those two zones are also confluent with 0.786 and 0.886 fibs of the retracements.
Apart from this chart it pretty is self-explanatory.
Boost this post and leave me comment for any questions on this I'd be happy to explain.
SPX500USD: Will Start Falling! Here is Why:
Balance of buyers and sellers on the SPX500USD pair, that is best felt when all the timeframes are analyzed properly is shifting in favor of the sellers, therefore is it only natural that we go short on the pair.
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$NVDA -Potential Downside (21Aug/2023)- Welcoming NYSE opening this Week with an opened Short position on NASDAQ:NVDA taken last week due to a Broadening Wedge pattern being formed and Lower Highs Market Structure.
May be forced to Trail SL according to how markets will open
from the positive last Friday's Rally .
TRADE SAFE
*** Note that this is not Financial Advice !
Please do your own research and consult your own Financial Advisor
before partaking on any Trading Activity based Solely on this Idea.