SPX - the pattern suggests lower for a few days
I think we're about to break the support zone of 4100 in which case it should be a swift move down to 4050 area and maybe lower. 4200 is still the goal in my mind, but a few days or week lower makes sense with the patterns I'm seeing.
Good luck!
Good luck!
Note
good morning, market opened at the target zone of 4130-4140 area. I think it's an objective short here, but above 4160 and it's wrongNote
looks good for bers, stop is the morning's high. I expect either the red or green path - Note
there is a possibility they try to break the high from this morning only to reverse it. Hard to say, right now the green path is playing out Note
breakout or fake out - my guess is the latter but everyone needs to be cautious here. Note
so far the line held, I think it goes lower for the day if not I will update. Note
potential breakout, I'm still suspicious but if they hold above the line after any retest, it's probably going higher. The banks are rallying, and helping the market today. Note
higher move after they held. We are at resistance here and the smaller rsi is stretched, but we could keep going to 4200 + now. Note
spy and spx cash gap fill, mind time frames rsi are getting reset higher. It's a breakout but will it stick for the week? that's the question right now... Note
I should have paid more attention to the 2hr rsi which was showing hidden bullish divergence. I saw it, but I was paying attention to the pattern I thought was there. They filled the spx cash and spy higher gap today. The 2hr rsi is now at previous highs with bear divergences. How we close the week will be telling. If we reverse and give all this back tomorrow and Friday, then a move down has started. This kind of pump has happened many times before only to give it all back in a day or two, so let's see what happens. Note
4hr rsi could go a little further, 4200 makes sense but it doesn't have to - numbers at 8:30 might push it up there.... Note
up for today is likely - small rsi lower time frames already oversold on futures. Note
possible structural trendline and doubletop area. Note
one more stab up into close is possible but I think we're about done with this part of the rally. I expect a pullback tomorrow. Note
we're now in the stop hunt area - 4200+ probably by closeNote
Note
QQQ above previous high but now at resistance - stops taken out surely. Note
spy to gap resistance Note
ok so we got to 4200+ and probably took out some stops. The bear divergences are even more now, so I would think the pullback begins tomorrow. Over 4250 and something else is happening. Note
down to the weekly BB next is my guess - more sideways. Note
good morning, there's a gap fill possibility at 4220 - maybe it goes over it, maybe not. Powell speaking at 11am. Lots of bullishness in the sentiment all of a sudden "bears need to apologize etc" we're still going sideways for a year. Put/call at it's lows again.Note
30 minute rsi suggesting one more high Note
market is waiting for powell, I still expect higher. "like a dog waiting for dinner scraps"Note
no idea what powell said, but it looks like a reversal. However, the hourly rsi is already very low so I expect a bounce. Higher highs still possible but less so at this point. Note
one could try a short at the trendline, around 4200 no guarantees it will work, but worth a shot. Note
they haven't broken the trend and the small time frames rsi is still very oversold, which is why I'm suspicious that one more high may come. One more high (if it happens) would also be a shorting opportunity, not sure if it comes today or not, but better to err on the side of bullishness with the way the market has been. 
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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.