S&P 500 Index (2H) / Bearish Elliottwave CountThe poor slopes and the break of the base channel makes this count a strong candidate. We need confirmation though. Will the Fed/FOMC trigger the C of the flat X?
SPXS
Still Bearish on the SPX Until Proven WrongRetesting the horizontal resistance and the channel, again.
Is the S&P 500 Finally Going To Dump?There are few little issues in here such as the EW structures of pink submicro 1 of A of Y and especially pink sub-micro 2 which looks like a little impulse. These issues can be observed at a low TF. Geometry is super clean here: slopes are great (Y<W), subminuette X ended right at the ML of the channel, retest of the channel from below, ML of PF untouched and now far away... Dumping today would drastically increase confidence in this count.
Economic Barometer in Full Alert But SPX Doesn't Care?1:1 Fib extension has been hit to the tick (A=C) but prices seem to want to reach the 0.618 retracement (GZ). Oil prices - which act as an economic barometer - are screaming for bear market but will SPX and NDX listen?
Top Could be in Place in the S&P 500Top could be in here at the 1:1 extension confluent with the ML of the channel and the 2-year key horizontal level (around 2875). Notice that the C of the Y would be short here, like the C of the W. We are just below the GZ. We are drifting away from the ML of the PF. Nice 4H bearish divergence. Lets see what happens before the close.
Don't Ignore This Clean Bullish Alternate in SPX FuturesBelieve it or not, this is the cleanest count in the S&P 500 futures. The second W2 didn't even reach the 0.236 which is quite doubtful, especially below such a potentially strong resistance. Are we hyper bullish? I don't think so but this market is capable of anything and may want to pump at each pretext (covid19 vaccine rumour like last night, tweet, etc.). Of course, these must not impact our technical approach.
One Final Push in the SPX?The Elliott wave micro count is getting very tricky and not ideal. Within the suggested upward corrective structure here, we can see a clean impulse coming off the low, followed by a flat. The third move is composed of 7 subwaves where we should expect 9 to complete this pink submicro ABC up.
S&P 500: #stockmarketcrashAnother crash is coming. The bottom is not in yet. We will likely see a test of the lows in the next two weeks and the a much larger counter trend rally that could go into July. However, if we drop below the 2000 area on SPX with the next wave of selling the door is open for a bigger drop right here and now. My guess is that we get a tradable bottom in the next couple weeks after moving to then 2100-2150 area. Then a bigger rally towards 3000-3100. Follow by a final leg down towards the 1650-1800 by October 2020. I think that could conclude the bear market. See the video on this at thechartpatterntrader.com
SPXS Bear Chart - Potential Dump Scenario.Looking at the Fed pumping money into market however unemployment at ATH. This shouldnt last. Expecting a reversal as markets start to erode due to US economy on its death bed due to #stayathome orders.
S&P 500 about to end this upward correction?Bearish Divergence...
Long-term resistance line...
Declining Volume...
SPX Weekly Chart Hints Another Crash is ComingSee the video on this chart at thechartpatterntrader.com
See the my chart list at stockcharts.com
S&P 500 ($SPY, SPX500) going down this week!Even though it's typical to see bear rallies in bear markets since nothing shoots down in a straight line forever, there are technical reasons why this week will likely be red for the SPX500. First let's talk about the declining volume while the price is violently rallying. This divergence between volume and price cannot be ignored.
We also have the hidden bearish divergence between the price, RSI, and Stoch RSI. Remember that the hidden bearish divergence indicates underlying weakness and it's typically formed during retracements in a downtrend. These are the rallies you'll want to sell into (and short to ride the next wave down).
There is also the death cross forming between the 50 MA and 200 MA.
Furthermore, the 0.5 Fib level is sitting right there at the top of the latest daily candle.
Lastly I'll add that if we get a gap down candle on Monday Apr 13 this will represent an abandoned baby candlestick pattern (bearish).
Will likely be buying the SPXS leveraged inverse ETF during pre-market. I also have some bear credit spread options on the $SPY that expire this week.
Stay safe out there traders, peace...✌🏼☮️
SPX, S&P500 Daily Short Range - Thu Apr 9, 2020SPX, S&P500 Daily Short Range - Thu Apr 9, 2020
12:22:08 (UTC)
Thu Apr 9, 2020
