SPX - turnaround Tuesday and Oil - ready to move higher
Updated
Both discussed in the video. The SPX resistance level of 4340 is an area where an objective short can be tried. It may go higher but I don't think by much. Oil is almost done consolidating for a bigger move to the upside. Possible cup and handle target would be $120
Good luck!
Good luck!
Comment
no selling yet - QQQ looks like it wants to get to 372, then we'll see.... Comment
OIl still consolidating. Comment
to me the count looks like this - sideways B and we're in the middle of C another wave up on C makes sense but not too much higher. The whole correction looks like WXY Comment
false breakdown on oil - to take out stops I assume - may breakout today. Comment
Good morning, we may have topped yesterday, I'm not sure. PPI this morning and FOMC minutes at 2pm so it may be a wild day. I'm watching this channel, we are now on top of it, back into it would be bearish but we could go back to the top of it again. That retest may be a short opp. Also strong support at 4340 should not be ignored. Comment
OIl looks to be breaking down, so it should be a strong move down from here unless they save it soon. Comment
the channel could also be like this - in which case, they may sell it here at 830. Comment
2nd stab at channel, short opp Comment
Oil double bottom - may reverse here - over 86 and it looks better for bulls. nothing decided yet. Comment
watch for a potential break and fail. Comment
price is compressing with low rsi on small time frames, a breakout and a higher high is certainly possible into 2pm fomc minutes. Comment
SPX appears to be in a triangle, or something like that - probably into FOMC minutes at 2pm. Comment
looks like a tradable top, a bounce with the fomc minutes will likely get sold, Comment
RTY coming into a support level. Objective long especially here I think. Still cold be more upside in this rally. Never underestimate the buy the dip crowd when it works. Lately it has. Comment
gap at 4400 level on spx cash still not filled, could be a target if a rally sticks. Comment
should continue higher to fill the gap on SPXComment
Comment
back to the channel by end of day. It could be a trap - note the hourly bearish divergence here. We'll see tomorrow.... Comment
nq resistance area Comment
us oil gap fill, not sure what to make of it I got stopped out. Comment
IWM was weak today compared to other indices, sometimes a leading indicator. Stopped at it's daily18ma Comment
IWM still has not made it's target of 165 (head and shoulders) i think it does by November. Comment
us.econoday.com/byweek.asp CPI today at 830Comment
market keeps pushing against the channel. A break above with CPI and continuation into 930 (to take out shorts) is possible. usually these kinds of patterns have a "blow off top" moment. I do think today the market will turn down regardless of how high it gets first.Comment
soxx back to channel resistance Comment
qqq to 372 area - channel resistance Comment
ES (futures) suggest 4450 area as possible target. Comment
15 minute rsi too low again, expecting higher Comment
after open I still expect a short squeeze, RSI is hinting at it. I could be wrong, but here it is. Comment
looks correct, Comment
current count - Comment
support level here - if it can hold it probably goes higher. Feels like a bear trap - again. Comment
lost support, looks like the top may be in. test of that 4376 - 80 level may hold it back. Comment
we have an expanding channel here - which may prove to be the bottom before a final rally. Just best to be careful. Comment
this channel is acting as support. one more high would not surprise me in the least bit. RSI extremely oversold on small and mid time frames Comment
q's gap at 376 area, may be what's driving the tech move. Comment
resistance of 4380 still holds. if it breaks it's bullish. Comment
secondary resistance here. so far looks bullish but it may stop around here. Comment
secondary channel structure reached, but it looks like it's going to crack. Comment
if they break the channel (blue) any test of it is an objective short. If they hold and test the yellow trendline which held earlier, that now should be resistance. Comment
ok we're bearish Comment
Larger structure still looks like a channel. Wave 5 down starting i think. Comment
coming back to test the channel. I'm not sure what's going to happen here but they will keep everyone guessing into the close I'm sure. Above 4370 tomorrow and it's going to make another high. Comment
how the day ended - Comment
New Video - I will update there - enjoy 
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.