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Generalmarket

S&P500 Future OutlookIf this week closes above $4500 for the SP500 it would be a bullish engulfing week. So far, for the past few weeks we've been going sideways between $4400 and $4550 on a weekly closing basis as the volume declines. The volume declining as the price consolidates indicates a bullish outlook. If the bulls maintain the price above $4450 it would put in a Higher Low from mid March which would indicate a continuation of the up trend since we placed a Higher High earlier. In the short term, I'd like to see a retest of $4450 as that would serve as a confluence of support with the trend line extending from the late December 2020 lows. A bounce from $4450 would be extremely bullish as it would indicate that bulls are ready to move out of this range (between $4400 and $4550). Needless to say, a further rally from here would work towards the Inverse Head & Shoulders that everyone's been talking about ;)
ULong
by HaseebKhan_90
Important week for SPY next week...Ticker: $SPY Next week will be very interesting as SPY is near all time high and about to test it. We had a gap up open on Friday and bulls continue to punch the bears in the face. Monday 12/9/2019 will be very telling. Bulls need to break all time high of 315.48 and close above it to show that they're not done with their massive move. If that's the case, weekly RSI will be close to the overbought territory. If we reject, expect a gap fill from Friday's gap up open. Volume will be a very important indicator to watch to see where we're going. Also watch out for news about the USA and China trade deal. If we do not get a deal, it will be a clear double top and the top for 2019 would be set in my opinion. Let's see what will happen.
AMEX:SPY
by DerekTradeEZ