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$SPX #SP500 New all-time highs on Vaccine ProgressLast week I've tried to post this chart, but then I switched off and forgot. As usual, I prefer to keep every single line and details on it. Pfizer and BioNTech announced positive efficacy results from their Phase 3, late-stage study of a potential COVID-19 vaccine. The vaccine candidate was found to be more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection in the first interim efficacy analysis. The results demonstrate that the vaccine can help prevent COVID-19 in the majority of people who receive it. This means one step closer to potentially providing people around the world with a much-needed breakthrough to help bring an end to this global pandemic. This is a first but critical step to deliver a safe and effective vaccine, but again "one step closer" in the testing process. In fundamental terms, nothing new. We've seen positive expectations that are currently driving the markets but the reality is we have no clue if our expectations will be met with reality after all. However, Mr Joe Biden won this election and statistics show the first years of Presidential terms the S&P500 has average gains of 18.6% since 1986, so maybe we have very good news ahead and actually, I do believe the markets are sharply higher because of Biden and Vaccine, and more because of Biden than the vaccine, at the end of the day, whether Biden has a successful plan or not, such a plan is better than nothing or an expected vaccine only, which is many months ahead. The uncertainty isn't over yet, Trump won't concede, perhaps has a card hidden under a sleeve (watermark). In Technicals, the S&P500 broke a nice triangle with an initial reaction (BO) running for new all-time highs but this year we used to see thousands of fake BO, so it won't be rare if the price comes back into the triangle, however, the triangle shapes 388 points that could lead other 388 points up or down. Odds and targets: Long, target 1: 3,677, target 2: 3,910 / 4,000 points. Short, tartget 1: 3,444, target 2: 3,323, target 3: 2,909. Have a good and profitable trading week. Creamlivetrading
TVC:SPX
by wildcreamlife
SPY Retesting Original Channel, ShortI have noticed many folks on here adjusting the channel that SPY is in a bit too frequently. If we draw the original channel that we moved upwards in, it becomes more clear that SPY has fallen out of the channel and is now retesting that structure. I have updated my original idea, to now show only 1 option moving forward, as I believe this one is the most likely. (See prior post for that idea). I think the next gap to be filled will be the one below at 280. A rapid 15 percent correction could be the nudge that the Trump administration wants to give congress to push through more stimulus this month. Assuming this plays out, I will go long once that gap is filled as it is likely we see new highs and go parabolic into election season, that just seems to make most sense from a psychological standpoint, since this market clearly has no bearing on fundamentals at the moment. Also, sorry, meant to say "now retesting" on the chart.
AMEX:SPYShort
by aaronsmth5
2
S&P 500 Index Full Analysis (Still Bearish Here)S&P 500 Index Full Analysis (Still Bearish Here) I would like to give a full analysis of the S&P 500 Index (SPX) chart... Let's get started! We will look at my classic signals and then a general view. The classic bearish signals coming out of this SPX chart are as follow: The first thing to notice here is a lower high compared to the 8-Jun. I shared a chart on this date mentioning that the S&P 500 Index had peaked. The next thing we have is a test/challenge of EMA10 as support (meaning, from up to down). Since we have a lower high, the test of EMA10 signals lower prices. We follow with a bearish cross on the MACD. The RSI remains above 50 but trending lower, while the STOCH is showing a strong curve pointing down. We also had a rising wedge pattern, another classic, which broke already a few weeks back. The trading volume is going lower. Notice that the green volume was lower than previous days/weeks on the latest bounce that produced a lower high. General view (SPX Bearish) Don't get caught up in the noise, the hype, the news or \whatnot... Just look at the chart. I haven't read a piece of news about the SPX basically ever, for Bitcoin or anything else for a long while, yet, I can continue to read the charts are produce a high accuracy rate... Everything is here... Everything is on the chart. Keeping it simple... Trading below the "LAST PEAK" is bearish. If prices move and close below the "LAST PEAK", it opens the door for additional bullish action but still, there are many factors that keep the bearish view present since the All-Time High is still intact. So, we can see prices moving above the LAST PEAK which gives us a more bullish view but still remain cautious until the last high is taken out. As for the initial analysis... We are bearish based on all the signals we just shared above. What is your take my dear reader/follower/supporter? Thanks a lot for your amazing and continued support. Namaste.
SP:SPXShort
by MasterAnanda
3