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.
Spx500long
$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
Breakout or Reversal? It's Almost Time! (SPX500)It's almost time to see if the market want's to continue this rally or reverse off the previous top.
The month of August is going to be a hot time to make some big boy decisions for your portfolio.
3391 keep your eyes on it and watch that trend. Stay patient.
How Long Till We Test Highs? (SPX)Everything on 3day continues to shoot green across the board on the spx500 with nice size candle.
Since recovery we have only had one major potential transition (green arrow)
All indicators have nonstop continued to go green.
The only resistance is the previous high before the crash, will we make new highs or set up for a massive selloff...
This will get fun.
SPX500 BUY SIGNAL - BUY the DIPHey tradomaniacs,
welcome to a new free trading-setup.
NOTICE: This is meant to be a preparation for you. As always we need to wait for a confirmation!
Market-Buy:3220
Stop-Loss: 3188
Take-profit: 3293
Stop-Loss: 32 pips
Risk: 0,5 % - 1%
Risk-Reward: 2,05
LEAVE A LIKE AND A COMMENT - I appreciate every support! =)
Peace and good trades
Irasor
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Any questions? PM me. :-)
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.
SPX Long (But not for Long)Please do your due diligence, this is just my opinion:
Still long for now and still expecting new all time high. I expect the NDX to slowly continue its downtrend while the rest of the market catches up. I did reduce my year end target from 4k though.
Don't forget to click on the like.
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?
SPX500 BullishAll indexes are currently bullish which indicate longs, SPX500 has broken previous support and is now consolidating, unless the market is going to crash soon (strong probability) this is a perfect opportunity to get into a either short term or long term buy once it breaks consolidation as a 2nd confirmation.
Furthering my bullish argumentBroadening Wedges on SPX
interesting comparison to 1974 stock market crash
A broadening wedge formed during that period of time and led to a large bull run
A broadening wedge is forming again
Depends on how long you want to go, I wouldn't be waiting for lower prices though as ANOTHER broadening wedge has formed above the current one. Just go long and wait. Patience pays.
🤔 Crunchtime! (SPX)💰 LET'S GET INTO SOME SPX 500 ANALYSIS!💰
1️⃣ First off SMASH that LIKE BUTTON & Give us a FOLLOW for DAILY ANALYSIS! ❤❤❤
(Overall Market Sentiment) 🤷 Neutral
- 3day Chart
- Candle Doji Compression
- 2/3 EMA DOTS Red
Is corona wave 2 on it's way? I hope so lol. This week will tell us some critical signs to take with us in the market next week. Stay alert as we could be experiencing early signs of trend change.
Best of luck to you and all of your trades this week! 🤜
Drop your charts and comments down below, share with us what you think is going on in the markets! ❤❤❤
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🥇MLT | MAJOR LEAGUE TRADER