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S&P 500 Daily Chart Analysis For Week of Feb 23, 2024Technical Analysis and Outlook: As indicated on the chart analysis for February 16th, the S&P 500 (Spooz) index shined as expected and reached a new high, surpassing all resistance and index rallies, including Key Resistance at 5029, Outer Index Rally at 5035, and 5072. However, its current price action is in retreat, and it is entering a pivotal squeeze mode - a period of consolidation where the index is expected to remain within a narrow range or drop significantly lower to take a breather - Time will tell. The main down price target for the index is Mean Support at 5060, with a possibility of extending to Mean Support at 4950. Once one or both of these levels are accomplished, the index is expected to rebound strongly and continue its journey toward the Outer Index Rally at 5170.
SP:SPX
by TradeSelecter
Bitcoin Divergence & Wallstreets ETFBitcoin's Latest Price Rally Curious about the recent upswing in Bitcoin's value? It's not just your average uptick; it's a major play by Wall Street, diving into Bitcoin ETFs with substantial capital influxes. We're talking a serious $494 million boost in Bitcoin's market, indicating a strong institutional endorsement that's far beyond day-trading buzz. Bitcoin ETF Inflows: A Closer Look When you see a massive $494 million pouring into Bitcoin ETFs, it's clear that Wall Street is making a decisive move. This level of investment is a significant bullish signal for Bitcoin, often leading to heightened market activity and upward price pressure. The Divergence... Here's the deal: the 4-hour Bitcoin charts are hinting at a bearish divergence. Despite the bullish sentiment, these indicators suggest a possible reversal, with a considerable amount of liquidations looming between $40k to $48k. It's a delicate balance that could tilt the scales at any moment. Liquidation Levels Taking a glance at the liquidation heat map, we observe a substantial buildup, a clear sign that the market could be overleveraged on the long side. As the cost to maintain these positions climbs, it's a critical moment for traders to be vigilant and ready for potential shifts. In Conclusion What do we make of all this? It's a classic battle of market forces. Wall Street's hefty investment in Bitcoin ETFs is driving the price, creating a hot market. Yet, with the presence of bearish divergence and a significant stack of potential liquidations, there's a hint of caution in the air. Wise traders will be monitoring these developments closely. Over to You Agree with this breakdown? Or do you see things differently? Hit the like button, share your insights below, and follow for more market analysis that cuts through the noise.
COINBASE:BTCUSD
by CryptoSeaTV
S&P 500 Daily Chart Analysis For Week of Feb 9, 2024Technical Analysis and Outlook: The S&P 500 index has reached and surpassed our Inner Index Rally 4980, and we expect it to continue to rise in the upcoming week. Our projection is that it will fill the five-handle gap to reach an Outer Index Rally 5035 and then continue to Inner Index Rally 5072. However, we anticipate potential pullbacks in the market at this level. Notwithstanding, if there is a down move or gap-down before reaching the 5035 price, the Mean Sup 4985 will be the primary target. It is essential to monitor the price action carefully in the first three days of the upcoming week's session to make informed trading entry decisions.
SP:SPX
by TradeSelecter
S&P 500 Daily Chart Analysis For Week of Feb 2, 2024Technical Analysis and Outlook: During the recent trading session, the Spooz (S&P 500) experienced a dip toward the Mean Support level of 4845 for an excellent Buy signal placement. The prices ricocheted strongly toward the Inner Index Rally level of 4980, reaching a high of 4975. Looking ahead to the upcoming week, we anticipate that the price will fill in the five-handle gap from the previous week's price action, which could lead to a significant pullback. That said, if the price continues to move slowly, steadily, or in a tight range, it may indicate a minor pullback before continuing on an upward trajectory toward the Outer Index Rally level of 5935. However, the violent or gap-down price movement will signal that Mean Sup 4845 is again a legitimate target. Overall, careful monitoring of the price action on the first two days of the upcoming week's session is crucial for making informed trading entry decisions.
SP:SPX
by TradeSelecter
3
S&P 500 Daily Chart Analysis For Week of Jan 26, 2024Technical Analysis and Outlook: Spooz has completed the Inner Index Rally at 4882 and is continuing its upward movement toward a higher target; the Outer Index Rally marked at 4980. However, once we reach the designated target, there is a possibility of a squeeze that could cause prices to drop to the Mean Support level of 4845. In the meantime, the index may retest the Mean Support level of 4845 before continuing its upward trend.
SP:SPX
by TradeSelecter
Most overbought condition 1) Most overbought condition since May 2021 on the weekly RSI 14. 2) Converging trendlines at 38,200 stretching back since late 2021 create solid roof tested 3 times at least on 2 separate trend-lines which would make for a very tough level to break, especially when it's this overbought. ***A correction down to retest the connecting lows trend-line since late 2022 would make a lot of sense even if a new high would be reached in the future, a correction down is very likely in the current technical condition - Which would be down to the 34,200 floor.
BLACKBULL:US30Short
by Exactus
4
S&P 500 Daily Chart Analysis For Week of Jan 19, 2024Technical Analysis and Outlook: Spooz's robust movement from our Mean Sup 4745 toward our designated target, Inner Index Rally 4882, is on its way, leaving no fingerprints at the crime scene at the completed Outer Index Rally 4807. The advancement toward a higher target Outer Index Rally 5035 is now in its making. However, once we reach the designated target of Inner Index Rally 4882, we may face a squeeze that could cause prices to drop down to the Mean Support level of 4798 and possibly even the Mean Support level of 4725.
SP:SPX
by TradeSelecter