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Spx500long

SPX Pullback This Week Expected (600-1000ish pips)Short Term: Bear Long Term: Bull Unknowns: Fundamentals (Stimulus talks/reaction to gold creating instability in the dollar, Crude Oil Inventory Wednesday, Unemployment claims Thursday) For the past week and a half we've had a good bull run on the SPX. I myself made plenty of good trades and was able to hold the position and ride the wave. But I'm afraid it might temporarily be over. I've outlined the impulses/rallies in blue and the pullbacks in gold going back to June. After our last major resistance turned support (designated in the pink bordered box) that area was never retested once it left the building. After the big dip on the 11th creating and creating a new high on the twelfth, you can see the RSI and MACD see a shift in momentum. I drilled a little deeper into this segment here. SPX did not create a new high and side stepped the channel we've been following for the last two weeks. Which means another channel will be forming and I have the idea in the original chart. I believe we'll be following that channel probably making a few big drops along the way to the 3290-3280 area. Which would currently give us roughly 880 pips. What will be interesting to see is how it reacts with the 3330-3334 level. It is possible for that level to maintain support as it moves sideways. But I believe that is highly unlikely. Instead I believe it will drop through that level and retest for the sell down to the 3280 area. The two scenarios are loosely depicted below. What I'm personally hoping for is a quick/deep re-tracement bouncing off S/R levels along the way in which I will setup a sell down to the 3280 level for the major sell that would look something like this. Lastly I had to take a fibonacci re-tracement into consideration. The 3280 level sits just above the 618 re-tracement as is with the current high and 3280 being "1" fibonacci level. It would not be surprising If we see bullish action and a new All Time High (ATH) created around 3205 come Sunday/Monday that would then push that 618 re-tracement level up to match the 3280 level. This would be the ultimate trade scenario and such a scenario would be as follows. The one thing that could happen that I'm not considering is if we fall straight through that 3280 level. So I'm not going to worry about that. Thank you for checking out my analysis! Let me know what you think, please and thank you.
OANDA:SPX500USD
by BodiesXWix
The August SPX ChannelIt hasn't ventured out of the channel yet since thee beginning of the month. It's been very predictable and easily tradeable this week as long as you're paying attention to the support and resitance zones that it continues to create as it works it's way through the channel. However, we're nearing the ATH and I'm curious as to if we'll see if the resistance force of the ATH (3398.2) will knock it out of the channel. I've set many buy limits when it makes its small predictable dips at the end and/or beginning of the day. They'll eventually trigger the entry and continue on. I'm not a position trader, but I have been placing many positions in SPX the last 2 weeks due to the predictability. But now a new frontier is just at the heed. We could see the classic Squeeze play that may end up in the channel creating a new all time high looking something like this. Or we could see the price action bounce otside the channel from the resistance of the ATH. Retest that high as a double top before making a correction. That nay look something like this. I'm Personally Bullish and I'm setting another buy limit around here and hoping to be apart of the new high when it happens. I see the support line at 3362 and it may dip a little lower, but that's where I expect my next entry. A couple of Scenarios to think about. The best thing to do is not overthink it. Not predict price but react to it. My personal opinion is that it's been easy to set buy limits at support levels and continue riding them up. I don't see why this would be any different.
OANDA:SPX500USDLong
by BodiesXWix
$IWM Financials Bull Run - Component #2 AMEX:IWM As we continue to embark on this epic economic bubble , there will be varying components that will be mixed in so the trend can continue. To allow some normality to the markets, profit rotations still seem to be taking place and tech seems to be the one market that is becoming exhausted. With that said, I think we continue to see those absurd profits roll into financials and small caps, allowing $IWM to be a benefactor of that, which the technicals are starting to show. With that thought in mind, looking at the chart you can clearly see a strong bullish breakout, with volume (last green volume bar to the right) from consolidation and our first attempt at breaking the first red trend line. I expect us to retrace a bit from here, and each red line there after once contacted, but also fully expect us to make our way up to at least the $170 region (3rd and final red trend line). From there, in J. Powell we trust and Gods speed. I leave you with this, "cut your losses early and let your profits run" - J. Livermore - PennyBag
AMEX:IWMLong
by PennyBagsCapital
SPX To Retest Highs From Early June At .618 Fib Level To Go LongWe've seen a steady increas of SPX (S&P500) Over the last few weeks, This particular level is of great interest as it not only retests the highs from early June and is less than 20 pips from the 618 level of the fib retracement of the most recent higher high and higher low. All whilst still following the channel. If this comes to fruition, we could see a steady climb back of domincance in the SPX/S&P. Added Plus: President Trump speaks today after market close so we could see this news push it in the direction intended for these purposes. Really keep an eye out on this one. A lot will ride on it.
OANDA:SPX500USDLong
by BodiesXWix
S&P 500 - Volume absorbing Tesla buy into the index?If you didn't see the article, it's on Apple news that Tesla would be Joining the S&P 500. The article stated that a spoekseperspon from the Dow S&P Declined to comment. An analyst said that if it were to happen that the S&P would try it's best not to let it affect it's performance. >>>> apple.news Are we seeing this play out with the large amounts of volume in play, sprinkled here and there, with ver little price action. Are they trying to hide the buying of Tesla shares, while at the exact same time the same amount of buying into the index from the large players? If this speculation is true. I would eventually see it relax down to with a big push to the downside to 2984 or 3035 (Where previous downpushes were made) before skyrocketing up above 3250? Looking at it from a 2 hour chart >> << You can barely notice the increase of volume compared to the last 2-3 months. But I watch the S&P at market open all of the time. And when I see this amount of volume there is usually bigger price action than just 15-20 points. Getting that news from yesterday while noticing these unusual pieces be put together could mean something bigger is coming for the S&P? What are your thoughts?
OANDA:SPX500USDLong
by BodiesXWix