Pivot Zone - 4135/4122
Open or bid above 4135 will send the market to 4150, bids above send the market to 4160, bids above send us to around 4183. Bids above 4183 could send us to 4200.
Open or bid below 4122 will send the market to 4115, bids below send the market to 4096, bids below send us to 4070 and, perhaps below.
Bids or open above the pivot zone will send the market to one of the resistances above. Bid or open below the pivot zone will send the market to one of the supports below.
As always, use caution when executing trades-- the market can turn at any minute or chop as we have seen the past few trading sessions.
The SPX has been strong. Despite the economic reports, The Fed raising interest rates, COVID-19, Monkey Pox....it's like another Sequel of the Mad Max Movies out there. We topped right at the 1.382 Fib last week and retreated. Typically what happens is a move down to the 1.0 at (4048) then a final rally to the 1.618 or even the 1.786. The target area for this...
Wow what a rally - from 3639 to now 4155!!!
Question is :
was this just a bear market rally and are we going to see another leg down....
Or is this a regime change and the start of another bull run to 6000 ?!
Although I have completely no idea :) , I do know where we are at now is a major indicator and inflection point IMO of what's to come for the remainder...
The market made a really nice broadening wedge Friday, but we're at major resistance. The market needs to pull back here to cool off and bring more buyers in. VXX is printing hollow red weekly candles which means she's about the blow up again. She's been primed and ready for a breakout for the past two weeks.
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How will the Grift continue for now?
Expect the following (Complete Bullsh_t)
Current 12-month EPS: 203.97 Reported Mar...
Last weekend I posted about wickless gaps and how those are continuation patterns.
I also made a statement that I did not think we would see SPX at 4K for a while.
The above chart shows my thinking process since many traders on TV are calling for a possible retrace to 4020 levels.
IMO the June 6th weekly candle made a very bold statement...it bearishly...
Open or bids below the pivot zone will send the market to the supports below. Open or bids above the pivot zone will send the market to the resistances above.
Like yesterday, be mindful of reversals at the supports or resistances. Use proper risk management when executing and managing trades.
Open or bid above the pivot zone will send the market to the upside resistances shown. Open or bid below the pivot zone will send the market to the downside supports.
As always, trade at your own discretion.
Higher highs in price and lower RSI all over the place, tripple divergences here AT LEAST!!! The bulls are running out of momentum right now... This is the bullish/corrective scenario IMO.. we are either pulling back now for a wave 4 or B wave.. $spx $es
2007 Levels will be upcoming into October 2023.
Summer Counter-Trend has more room for the upside.
The Monthly Risk Range is at extraordinary risk.
"Others" are getting it all together for the Early Fall Classic.
Extreme patience is required for the SELL, it will continue to
develop over time, blink and you'll miss it.
Financial Media continues to caution...
I am trying in this analysis to figure out the price movement of the ES futures in the coming months
Using the Bollinger Band as a simple tool to analyse I am basing this analysis on previous price action
and its relevance to the current place of price on the chart. We are revisiting the 20 WSMA and a significant
supply zone on the price front. We could see some...
Mr. Market has had a nice rally from sub 400 to now trading 410 zone and right at the daily 100MA
Could be a major inflection point as we head into next week and a lot of supply overhead now on what is basically a pump from Apple AMZN and a few other earnings as well as the result of net short option positioning , and lack of sellers "in the hole" .
If you...
We're at the 50% retracement for the quarterly candle. That was to be expected given we printed an outside year candle. Bulls are currently fighting prior resistance levels. I'm quite bearish until we break above the previous swing high 4200.
