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Spx500long

SPX Expanding Triangle. Pivot point (Weekly chart)In the weekly chart we observe another touch on the expanding triangle. This is a zoom in and cleaner TA from my previous analysis. I am trading the following scenarios: 1) Short. If this scenario is right, expect considerable retracement, following the direction of the red arrow. For me, it is the most likely scenario right now. There is very clear bearish RSI divergence on the weekly chart, in an expanding structure. 2) Long. If the expanding triangle is broken to the upside, in the retest of the trendline is time to go long. Be ready, this could very well happen. Thank you @RHTrading for the feedback.
OANDA:SPX500USD
by blondengineer
13
Recent strike in Iraq: Gold and SPX 500 Analyze The US killed this morning European time the Iran general Qassem Suleimani in Iraq. General Suleimani was a prominent person in the Middle-East and right hand of Iran's Supreme leader Ali Khamenei. It is very interesting to see how $Gold (+2%) and $Bitcoin (+6%) are correlated and both assets have surged. Meanwhile, the S&P Index has dropped by -1.7%. What does it mean? Investors are worried, as stated by Vice-president of U.S. Joe Biden, that President Trump "tossed a stick of dynamite into a tinderbox". Means, that we can expect some counter-measures from Iran and its allies. In these measures, investors see uncertainty in global markets and institutional money flows into more conservatives assets such as $Gold The most interesting for me is how uncorrelated assets are behaving in this conflict. I am talking about relationships among the U.S. Dollar Index and Gold. If U.S. Dollar is rising, Gold should dropping, but since the conflict has arisen, both are growing. I have expected rally in $Gold as I have outlined a bullish scenario on December 24th. Gold and Bitcoin are very correlated assets and we can see that there is some relief in a bearish downtrend since July 2019 in Bitcoin. Overall we can see how technical analysis is supported by “fundamental news” which put an injection into more rally. As a new year with also new Q1 2020, we can expect some bullishness in Gold and take out last highs in 2019 for continuation in the rally. Bitcoin should follow suit not only because it is correlated with Gold but also that Bitcoin will have in 132 days Bitcoin Bock Reward Halving which should tremendously increase Bitcoin price. ____________________________________________________________________________ I do a daily observation of major currencies in forex and crypto. Do not miss any move, high-valued analysis or educational content. Telegram: t.me Twitter: twitter.com
OANDA:SPX500USD
by UnknownUnicorn6034472
4
This is going to hurt some feelings either way How bout those algos this morning huh? Aggressive. Obviously this is going to resolve one of two ways. Bear case - We retested the long term trend line today barring any face rip move higher. With the $320 target hit (albeit for literally 1 minute) and floating around this price level we should head down to retest the gap if we do head lower. If for some reason we break the intermediate term trend line and head back down to the $311-$309 area watch for that head and shoulders i posted about a week or two ago. The fact of the matter is the market structure is garbage and we have gaps all the way down to $292. So if something catastrophic happens we could head back down and retest the $300 former breakout area, but i see that as unlikely. What i do see as more likely is a sell the news event on this "Phase 1" trade deal consider we have a signing date, but no one's even seen the details yet. So that tells me the administration is trying to preemptively do some damage control. We'll see where the big money wants to take us. We may see some volatility in the beginning of the year as firms post gains for 2020 they didn't book for 2019, and in that case look for a minor pullback to the gap fill area as i mentioned earlier. If we bust through that look for support around $314. Bull case - All the big money comes in the 2nd and sees everything as cheap and starts buying. There is what looks like a big ass bullflag printing on /ES. The problem is literally every retail trader who knows what their doing probably went short yesterday. And if we're all expecting a move lower that's when they take our lunch money and rip everything higher, and honestly i see that as more likely. They'll pin it on the "phase 1 trade deal" being signed and we're off towards $3500 in the SPX to further elongate this wizard of oz market we're in. Good news is good news, bad news is good news, and no news is good news and then we hit the start of a new earnings season. We'll see how it plays out but i guarantee some people are going to get burnt either way we go. Oh yea, forgot to mention - The small caps are positive today, again something i use as a leading indicator. This is not trading advice. All of this is based off of TA and should only be construed as opinion.
AMEX:SPY
by merkd1904
Possible reversal on the major indices So after the last few trading sessions melting upwards in thin volume it doesn't take much to reverse and plow through that thin volume. But, today's selling was light, and also thin volume. If you were just going off the charts it does show that we had a daily reversal and then pivot confirmation from Friday. Today's daily ended just below the long term trend line i noted in my last few posts. On the intraday we hit the .5 fib retracement on the nose and then finished basically at the lows of the day with what i see as a short cover rally there at the end. In SPY we filled the gap, but in the SPX we did not. Keep that in mind. That is bullish. BUT, on the other hand we did have an impulsive break down from an ascending wedge as well. And on top of that we went up and tried to retest the trend line. We did retest the former breakout area around 320 on SPY which was a retracement target i had. Now obviously this could go one of two ways. I see us either gapping up tomorrow morning and trapping everyone who was frothing at the mouth to go short or gapping down either into or through the gap on SPX and into the 320 resistance area on SPY. IWM did not show as much sell strength and actually was at it's 100 period average volume, which could be a leading indicator. It hit the top of a previously broken trend line and bounced directly off of it after printing a reversal candle Friday. I'm 90% sure this pullback is just that, a pullback. It's most likely people taking profit or re-positioning. If we do break or gap down below $320 expect a test of the gap around $317.50. Also, don't get sucked into this. Just like a lot of traders are trapped at the tops of stocks like TSLA and AMZN this could turn right around and rip your face off once institutional money gets back in the driver seat. This is all barring some huge macro event like the trade deal or repo markets blowing up and if that's the case we have a completely different story on our hands. This is not trading advice. All of this is based off of TA and should only be construed as opinion.
AMEX:SPY
by merkd1904
1