Nearterm outlook on $SPX $SPX $ES_FConsidering the Thursday/Friday price action as an impulse wave to the downside
Spyshort
Advance Decline Line did great job. What is next?Last week was hot for stock traders. As we discussed SP500 rallied a bit higher and was rejected. The Advance Decline Line did its job perfectly. I think the market can retest 3500 or higher and if rejected, we can sell for 3200. We still can see a big rally this year. Cycles and Fed Funds forecast indicate the beginning of an uptrend at the end of September. Besides, the stock market is usually strong before Elections. But for now, let's focus on very short-term trades.
SPY - Short: A Market Correction Could Be Coming in Sep 2020Base on Renko candle chart, we easier realize an ABC Correction Wave are forming after Elliott Uptrend Waves completed.
This correction should stop at $315 - $320, right the top of 3rd Elliott Wave. That is important Demand Zone.
If a big Panic Sell happen, it easy to take SPY down to $295 - $300.
To break this downtrend, SPY needs to close above $352 for at least 2 candles of D1.
This scenario, in my opinion is only about 15% likely to happen.
Sit on hands and watch the trend.
Disclaimer.
P/s. I hope I'm wrong.
SPY Correction with support levelsElliot wave (impulse + corrective wave) including support window levels.
Near term SPY support levelsNothing fancy, keeping it simple here...some near term support levels traded today and looking forward in the near term
SPY support levels 335.50, 332.75, and gap between 331.20
SPY Drop to 50 day EMA if we break 21 EMALast time we had a movement to the downside this big we pulled back to the top of our regression channel which is right by the 50 day EMA
SPY AnalysisPrice has been on a long bull run so its about time for a pullback. Price made a big move to the downside but is still in an overall uptrend. Although I know price is still in an uptrend I am looking to go short on SPY if it pulls up into my sell zone before reaching one of my buy zones. I am also not going to just buy SPY at those zones just because price comes into them. I will wait for price to show strong signs of a continuation in the uptrend.
Hope this helps you in the coming weeks!
Don't forget to like and follow!
SPY Short: Expanding TriangleLooks like we have a distinct expanding triangle pattern which started back in 2018. My guess is today's sell-off happened because trading programs noticed the price yesterday breached the expanding triangle's resistance line. I would wait for further confirmation before trading based off of this pattern.
Do I really think that the price will drop further down than the Coronavirus crash? At this point, I find that hard to believe. Based off of my technical analysis however, it's possible. Let's see what happens!
Gap close in Custom ES/VIX Spread ChartThe current S&P 500 monster rallye is actually starting a correction, when divided by its volatility. TVC:VIX
Also note how the gap from march panic sales is now closed.
We are seeing increased volatility paired with higher prices, which should be seen with at least some caution...
SPY set to test support for correctionSPY had an hourly MA crossover (13 EMA/30 SMA) close to end of trading session Monday.
It is now challenging support at $349 and the 50 SMA which have converged.
If SPY breaches $349, the first target is support at $343 and the next one is the previous ATH at $338.
Live Trading - TSLA long after taking support at pre supportPoints to be noticed :
1.Entry
2.Exit
3.How I stop my trade after getting profit cushion at stop loss
4.Partial taken
Double top -->reversal pattern on $SPY
Why?
14 Green days on SPY!!
One of the longest green day runs on spy in terms of Heikin Ashi candle.
Possible pullback to 331.40 area.
I am not asking for a flood to super lows, just a healthy pullback would be very reasonable.
We could bounce if stimulus talk goes well in the feds.
S&P Topped Out? Longterm Outlook & StrategiesMonthly for long-term outlook and accuracy.
Price is getting toppy and losing momentum.
Price movement up while RSI losing momentum and showing bearish divergence usually resulted in massive dumps in the past.
The 50EMA lining up perfectly with the bottom of the upward trending white channel is the make-or-break price level for me.
Either a nice bounce from there or continuation to the downside if we break below.
*Keep an eye on the USD. If it catches support on 100EMA and has a good bounce it could likely be a contributing factor to a dump in S&P.
It's interesting to see how well the DXY has respected the 100EMA as both support and resistance.
There is only about a week left in the monthly candle and a close here would increase the odds in a bounce (to at least the 50 or 21 EMAs).
SPY outlookSPY going higher from here to around 356 / 357 level before reversing down mid September 2020.
S&P500 on edge of Cliff or Launch Pad? ES
Interesting point in the markets purely going off of a combination of diagonal/horizontal resistance and support lines and the 200 Day SMA. Couple these with current fundamentals and you can place your bets on direction. Keep it simple with levels to watch and you can trade this market with profit.
Levels I am watching:
$3291
$3230
$3062
$3026
Trade at your own risk and move with the market
- PennyBag
SPY - Classic Price-Volume divergence!Price moving higher on relatively low volumes where as on -ve days volumes are significantly higher which suggests distribution is going on at higher levels. Looks like smart money is taking exit at higher levels and retail is hoarding. Price action is clearly bullish but I would be cautious here. Looks like recipe for disaster.
S&P Rally Ends beginning from Sept with huge H&SHuge Head & Shoulders may form ((need confirmation) and end S&P Rally beginning from Sept.
Watch for bounce back at $300 or $293.
Out of the Channel AgainOscillators lining up on the 4h. Exiting the Channel Again. Holding OTM SPY puts with diamond hands.
SP500 / SPY / DUMP INCOMING1. testing ath
2. rsi divergence (dump)
3. volume + acceleration declining
4. bitcoin will drop most likely aswell, since those two pairs are correlated (Btc couldnt pass ath today)
