SPX - the technicals are pointing to 4180
Updated
4180-4160 is a likely target before a relief rally. Not sure if it would be a bottom, but a bounce would likely occur there.
If they get there by Monday's open I would be very cautions with the amount of support in that area. A surprise rally could occur to reset the RSI for a day or two....
I may do a video about other markets in a day or two.
Good luck!
If they get there by Monday's open I would be very cautions with the amount of support in that area. A surprise rally could occur to reset the RSI for a day or two....
I may do a video about other markets in a day or two.
Good luck!
Comment
Good morning, some selling overnight but nothing major. One more low looks probable right now then I expect a bounce. Comment
top of channel here, i think one more move lower but watch for breakout in case it doesn't.... Comment
bounce higher first before lower is likely - Comment
bunce, now this "should go lower" stops tight for a day trade Comment
exaggerated move, I still think it' s a trap, but I'll waitComment
this is what I think is coming, but if they get much higher then the low is in. A rally to 4270 is quite possible as I mentioned in the video, so caution is necessary. Comment
if they can hold the channel and go higher, the low is in. If it collapses, I expect another low. Comment
bulls came in where they should, now they have to get over the last high. Decision time. Comment
here's another possibility which could fool both sides if it were to happen. Comment
as of now I think this is the likely scenario - Comment
we're at a resistance, I expect this to hold back price. Still looks like a C is next - in other words a strong pullback, then higher to 4270. Comment
unfortunately i think I've mislabeled the move. This whole move looks to be part of an A wave. One more high is probable if that's the case Comment
if the A wave is correct, we'll have a B wave for a day or two and then a large C up, possibly to coincide with Thursdays numbers or tech earnings. Comment
5 minute chart of this move. Next high should be it for A if it's true. B could just go sideways for a few days as well, will be tricky the next few days... Comment
qs at resistance Comment
not done yet, probably ramp up but start selling before close. Comment
qqq rising wedge, a pop out is expected, then drop Comment
qqq pop! Comment
spx trendline reached, probably a lot of stops hit on the last move Comment
A looks finished. B could go sideways but my guess is we'll get a move down to entice bears to short it. Comment
IWM is weakest today, another low here tomorrow likely - watch to see if IWM holds relative stregth against QQQ and SPX in a day or two. It often leads reversals. Comment
we haven't reached the trendline channel on SPX so another low here tomorrow to 4160 area is still possible, I don't know about probable, but possible.... Comment
if we are going to get that large C up. we need to get a bounce overnight into tomorrow and then sell. Sort of like this. It may not happen. see you tomorrow! Comment
Good morning, we're getting that bounce for a possible B wave. I do think today we go lower but the temporary low may be in for now. A test near the lows is more likely. These is the channel I'm watching currently Comment
PMI is at 945 today us.econoday.com/byweek.aspComment
overall structure I'm looking at as a possibility. Comment
if this is a B wave remember B waves can be triangles and waste time and money trying to figure out their direction. It would make sense to have something like that into Thursday's numbers, so keep it in mind. Comment
we broke a trendline on the 1 minute chart, a bounce at open to that level or slightly above offers an objective short entry. If we are choppy the next few days, take profits when you have them. Comment
got over it, bullish on any retest of hat line. They are going to test the highs most likely Comment
maybe this - Comment
if I'm right that B wave is done here, tight stops in case I'm not. Comment
back to trendline, they could rally up again but if it breaks and they retest it, it's a short. Comment
holding on so far, a lot of traders seeing this Comment
15 minute bear divergence should play out, they went to get stops, and it may go higher but to me this is a short setup. Target 4220 area Comment
they are shaking the tree as hard as possible to get shorts out, every sell down bought up again - hilariousComment
lots of stops above the last two highs, my feeling is they will take them out before a sell off - Comment
my entry is where the stops are.Comment
5 minute rsi needs a push up, just keep watching that if you are day trading. Comment
this could go higher but it hit the target area i was waiting for, now we need selling Comment
support is below, they break that and it will sell, right now it's still holding. Comment
this "appears" to be the count for the end but it means nothing until they break below support Comment
support break Comment
spoke too soon - probably another high, but maybe not. If so - this Comment
breaking down trendline is first target Comment
almost there, but it may break if so, it offers another short entry on any backtest. Comment
trendline reached, should act as support and we get a small rally Comment
there's a channel on SPX a touch of the upperline is an objective short and the target is the lower. If they break out of it it's bullish. I'm taking the rest of today off, don't want to give back profits. Comment
should get a bounce at the green line. I'll upload a new chart later today. GOod luck! Comment
trendline reached. that may be it or overnight they break it Comment
new video update 
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