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S&P 500 Daily Chart Analysis For Week of Aug 16, 2024Technical Analysis and Outlook: The S&P 500 Index demonstrated significant resiliency during this week's trading session, surpassing the Inner Interim Index Rally 5443 target. Following a springy rebound, the current market price action is positioned below the newly established significant Mean Res 5564. Anticipated interim downward pressure toward the Mean Support at 5445 is probable before the index resumes its upward trajectory. The prevailing price action indicates a sustained uptrend towards the Inner Interim Index Rally at 5666, with the achieved targets expected to exert considerable downward pressure.
SP:SPX
by TradeSelecter
Markets Love the Bulls!!! Close to All-Time HighsS&P pulled back 78% of the fall Nasdaq pulled back 61% of the fall Dow pulled back 78% of the fall IWM pulled back 50% of the fall Impressive rips for 2 weeks of trading for the "buy the dip" community. This week's direction was steady in futures, and gaps higher in indexes from opening to closing bell. I'm keeping the charts as clean and simple as possible. September and October are rarely good months for the markets so perhaps all-time highs are a bit of a stretch, but we're much closer now than we were August 5th when everyone was freaking out. Upcoming news for next week: FOMC Minutes US PMI Jackson Hole (with Powell Speech) My defensive plays are focused through August and September expirations, but I'll likely continue to add hedges if appropriate. Have a great weekend and back at it next week!!!
SP:SPX
by ChrisPulver
Panic over?Earlier this morning, US stock index futures were building on yesterday’s impressive, and broad-based gains. On Thursday investors rushed in to hoover up equities with the mid-cap Russell 2000 leading the way to finish 2.5% higher. Tech wasn’t far behind, with the NASDAQ adding 2.3%. The Dow and the S&P 500 gained 1.4% and 1.6% respectively. The gains came on the back of a strong set of Retail Sales numbers, and on another dip in weekly Jobless Claims. Add these to the positive inflation numbers earlier in the week and it gave investors all the excuse they needed to rush back into the market. The data is just what the Federal Reserve needs to justify a rate cut next month. Inflation continues to drift back towards its 2% target, while the labour market enjoys a ‘Goldilocks’ situation. The Unemployment Rate has ticked higher, taking some of the tightness out of the sector, but not by enough to scare the horses by raising fears of an imminent recession. This also means that the market has gone back to pricing in a 25 basis point cut in September, rather than the panicky 50 basis points forecast earlier this month. Both the S&P and NASDAQ have now recorded six successive positive sessions, and are back to where they were at the end of July, before the market rout. Yesterday also saw a big move across US Treasuries. Yields soared as investors dumped bonds and put the money back to work in equities. This indicates a strong recovery in risk appetite with sentiment towards stocks turning positive once again. But it also should be a little bit of a warning sign that this sharp turnaround could be a tad overdone. Nothing goes up in a straight line forever. Yet the NASDAQ 100 and S&P 500 have now gained 13% and 9% respectively from their lows on 5th August. Those gains may be enough to entice early buyers to book some decent profits.
TRADENATIONSB:US500
by muggins
SPx 4H Bullish Momentum Holds Above Key SupportMarkets Eye Fresh Drivers; Bullish Momentum Holds Above Key Support Wall Street is on the lookout for new catalysts before the market opens, while markets in Asia and Europe are showing gains. The price has recently risen and hit our target with a solid +1.8% increase, and the momentum is still pointing towards the next targets of 5584 and 5620, provided it stays above the key level of 5525. Bullish Scenario: If the price remains above 5525, the bullish trend is likely to continue, aiming for the next resistance levels at 5584 and 5620. Bearish Scenario: If the price drops and a 4-hour candle closes below 5525, this would indicate a potential decline towards 5491 and 5460. Key Levels: - Pivot Line: 5525 - Resistance Levels: 5584, 5620, 5670 - Support Levels: 5491, 5460, 5409 Today's Expected Trading Range: The price is expected to fluctuate between 5525 and 5620. Tendency: Bullish momentum. Previous idea:
OANDA:SPX500USDLong
by SroshMayi
COIN Short Idea - The Golden SetupI made a video yesterday about how I thought the short opportunity on NQ and the overall market was one of the best I'd ever seen in my trading career. I believe that is yet to to fully play out and we'll see what happens, but in the meantime I wanted to share what are my two favorite trade ideas and positions in the market right now. These setups have a very high chance of success in my opinion and if not, risk is fairly tight. I would take this trade 10/10 times, I would always take a setup like this when my strategy tells me it is this good. You must trade what your strategy says regardless of fear and greed, you will win over longer periods of time if you develop a winning strategy that you stick to and remain disciplined at all times. GME is the other one which I've also posted ideas about recently. Just wanted to review these setups have triggered and I'm actually in the positions. I'll update when the trades are closed, should be interesting.
SP:SPXShort
by AdvancedPlays
2
SPx / Futures Maintain Bullish Trend as Market Awaits Futures Steady Ahead of Key Inflation Report The price has advanced, successfully reaching our target, with momentum still driving toward 5,491 and 5,525. Bullish Scenario: As long as the price trades above 5,460, the bullish trend is expected to continue toward 5,491 and 5,525. Bearish Scenario: Stability below 5,458, confirmed by a 4-hour candle close, could support a decline towards 5,409 and potentially further to 5,372. *Key Levels: - Pivot Line: 5,458 - Resistance Levels: 5491, 5525, 5584 - Support Levels: 5409, 5372, 5320 Today's Expected Trading Range: The price is anticipated to fluctuate between 5,409 and 5,525. Tendency: Bullish momentum
OANDA:SPX500USDLong
by SroshMayi
SNP500 / SPX 🔍 SPX Analysis: Navigating the Upcoming Market Movements 📉 The SPX chart presents key dates that traders should focus on: September 18, 2024 & December 3, 2024 & February 3, 2025 - Green Lines: These dates indicate potential local lows. These could offer strategic opportunities for accumulating positions as the market is likely to bounce back from these points. November 11, 2024 & March 10, 2025 - Red Lines: These dates are projected to be local peaks. Traders should consider taking profits around these times, as the market could face resistance or start to decline. Currently, the SPX is in a downtrend, with a potential reversal expected around September 18, 2024. This could be an optimal point for re-entering the market or adding to existing positions. #SPX #StockMarket #MarketAnalysis #Trading #Investing #S&P500
SP:SPXShort
by trushkovskiy