Yesterday, EURUSD turned sharply at the 1.2160 zone, eventually reversing a downtrend that had been in place since Feb. 27.
On this new uptrend, we've already completed Waves 1 and 2. Currently, we are in Wave 3 and looking for a Wave 4 pullback. That will provide an opportunity to enter on the long side.
After a morning rally yesterday, it didn't take long for the S&P 500 to subsequently confirm that the uptrend from Feb. 9 was over. The 50 MA was already angling down in the morning before the S&P 500 firmly closed below the Wave 2 low at 269.64 (based on SPY) in the early afternoon.
As such, we are now in Wave 1 of a downtrend. I am looking for retracements to short.
The S&P 500 continued its pullback yesterday. An attempt was made to rally out of the pullback in the early afternoon, but it failed. I entered a long position at that point, but it wasn’t too long before I was stopped out.
Still, the over-all uptrend remains in place, so the current pullback continues to present a long opportunity. However, a change in the...
After initially rallying this morning, the S&P 500 proceeded to go into a wave 4 pullback that took it back towards previous resistance around 275 (based on SPY). With the possibility that this previous resistance will now serve as support, we will be closely watching for possible entry points on the long side over the next day or so.
With the S&P 500 hourly closing above the Feb. 16 high (= 275.32 on SPY) at 1030 am this morning, a wave 3 in the current uptrend from Feb. 9 is now confirmed. Next upside target is the 280 zone on SPY, the level from which the market initially gapped down and went into free-fall back on Feb. 2.
If we assume this uptrend goes at least 5 waves, a move beyond 280...
With Friday’s move towards top portion of recent trading range, SP500 now poised to resume ascendant with a 3rd wave upwards. It will need to close solidly above Feb. 16 highs around 275 on SPY.
If that happens, next upside target is 280 and we will be looking for retracements to enter a long position.
The ambiguity that emerged yesterday (see link below to my previous post) regarding the uptrend in the S&P 500 since Feb. 9 was not much clarified with today's action. The S&P 500 rallied in the morning, but then faltered into the afternoon. The 2700 level (equivalent to 270 on SPY) appears to be providing support. Two forays of that level were quickly reversed...
Yesterday, the S&P 500 failed on a breakout of an a-b-c pullback pattern - where the swing high point b was defined as the breakout level (see link below to my previous post). As often happens after a failed breakout, the market then proceeded to move strongly in the opposite direction, with the S&P 500 closing down for the day.
That late day reversal now puts...
Today, the S&P 500 continued with its recent pullback. This pullback has developed into a complex a-b-c pattern on the 60 minute chart (see above right).
A long entry remains a viable option out of this pattern -- I'm thinking on a breakout above point b at 273.67 on SPY.
The only concern at this stage is that the higher 180 minute time frame is pointing to a...
After moving through a key resistance level on Thursday's close (see link below to my previous post), the S&P 500 on Friday showed no signs of failing on that breakout. There was only a mild pullback as Friday's trading progressed -- the very mildness of that pullback suggesting that the uptrend from Feb. 9 remains firm and will likely continue.
Hence, I am...
It turns out that there was to be no opportunity to short the S&P 500 (link below to my previous post). Instead, the S&P 500 continued its recovery from Friday's lows.
Indeed, in today's final hour of trading, the S&P 500 closed above a key resistance level on the hourly chart. America's benchmark stock index ended the day at 273.03 (based on SPY), above the...
Yesterday's potential short trade set-up on the S&P 500 did not materialize. This is because SPY failed to break key support line at 263.1 during yesterday's move down on the open (see link below for my previous post). Instead, buyers came in strong near that support level and subsequently took the market above the previous day's high.
With this rally, however,...
We continue to look for opportunity to short the S&P 500 on recent upswing from Friday's lows. Today's action did not trigger a short opportunity, as S&P 500 did not move below 2618 (see link to my previous post below).
However, a potential double top is developing on the 15 minute chart. A 15 min. close below 2633 (equivalent to 263.3 on SPY) would confirm...
With the trend down on the S&P 500 hourly chart, the higher probability trades now lie there with shorting into rallies.
Potential case in point: the current upswing from Friday's lows.
To determine a trigger point for a short trade into this upswing, we can shift to the lower 15 minute time frame. I will define that trigger level as the swing low prior to the...
Zig Zag overlay on the weekly SP500 makes it clear that recent drop has a ways to go before reaching the most solid support area in sight. That area is defined by the consolidation pattern formed between mid-2014 and mid-2016 -- the breakout of which led to to the ascent in the S&P 500 from late 2016 into January 2018.
The top of that consolidation pattern...
* Going into this morning's open, key support zone circa 2660 on S&P futures (15 min. chart) had been successfully tested twice -- which, combined with the rally to 2686, led me to think positively heading into normal trading hours this morning
* But after the first hour of trading, the 2660 zone was decisively broken and the market duly continued to drop
*...
After breaking out of a bottom Head and Shoulders on the 15 minute chart, S&P futures rallied to just below a resistance area at 2730-2740 (it touched 2726.75).Then, following a consolidation phase, the market dropped sharply in the last 30 minutes of trading. As a result, it broke the 200 MA and is now threatening to break through a support area circa 2660. A...
SPX500 successfully completed a bottom head and shoulders pattern on the 15 minute chart today. First breakout attempt through 2650 was rejected, but then eventually went through convincingly. Upside target from here is 2730-2740.
