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Spylong

SPY (S&P 500) BULLISH until July/August ELLIOTT WAVE THEORYThe S&P500 ( SPY ) has seen lots of sideways price action and consolidation for the past few weeks or so, but I believe that we could be seeing an impulsive break-out in the near future. This would form the impulsive wave 3 of a final wave 5 push to the upside before the bear markets kick in around the summertime months (July-August). We will need to see confirmation of a bullish break-out to know that we have entered an impulse wave to the upside. If SPY can break-out over 421-422 (heavy resistance levels), targets of 430+ are very achievable as denoted in the charts. A possible explanation for the recent lack of volume and price direction could be due to the fact that meme stocks ( AMC , GME , BB, BBBY , WKHS , etc.) have taken over the market and soaked up buying interest. Once buying power gets re-directed back into S&P500 stocks, we should see some bullish momentum that is needed to kickstart the impulse wave to the upside.
AMEX:SPYLong
by AnthonyW99
6
SPX Shortsqueeze Fiesta? My long trade.Hi traders! SPY / SPX is at all-time highs and traders are beginning to short. As we have seen in the Ethereum run-up, this behavior can lead to a short-squeeze fiesta. Ironically, more shorts lead to higher highs, until the very top - from where price finally breaks down for good. Have we made the top? We don't know, so we can focus on smaller timeframes and take one trade at a time. What is happening? On the 4h we see a difficult formation that is interpreted by many analysts as an ABC correction of the downtrend. However, on the subwave we see a slight violation of the wave C ratio. We can now assume that we might be in a wave 3 of 5, and pre-market price confirms this bias. Where do we go from here? If price goes higher, my assumption is that SPY will reach target 1 or target 2, which I have marked with a red box. How to trade it? A short from target 1 or 2 can be an opportunity for a scalp. Assuming that we are in a wave 5, it is safer to long. If price reverses on target 1, the green box (.382 fib reversal) presents an interesting level, assuming that the corrective subwave 4 is similar in magnitude to subwave 2. Should price reverse from target 2, we can easily derive an entry with a new fib pull, looking for the deepest possible level (.5 fib). What if not? If price breaks down from here, we can assume that the downtrend is intact and start looking for pullbacks to short into the trend. In that case we are in a motive wave 1 down and short once wave 2 has retraced. Happy trading!
AMEX:SPYLong
by UnknownUnicorn12250317
SPY: Buyers come in again after a low volume dayToday's bar was a bullish bar and went above the high of yesterday's low volume bar. April 27 and April 28 were low volume days as well. When price continues to put in new highs despite these low volume days it is a good indication price is headed higher. 4250 and 4300 are the next targets for the S&P. I do not advocate buying into the highs so entering on pullbacks waiting for a price action entry is best. We'll see what tomorrow's bar brings.
AMEX:SPYLong
by Steven7960
SPY Intraday Week 17We need one last breath on the RSI to get buying momentum for this last wave up to resistance, in the process of building a 30min triple bottom for a 5-wave start. Especially after earnings, next week should be bullish. Double rejection of the primary trendline, hard resistance at 418. Short down to lower .618 range, completing ABC correction. Lots of confusion here during this week's environment, which generally means we're in a whiplashing ABC correction. What's really happening is we're just consolidating.
AMEX:SPYLong
by DanielSAN383
5
SPY: 3,2,1 Blast OffBuyers have yet again taken price above a low volume buy bar. Price went above the low volume bar of April 13th and those three following bars were "normal" volume days which is a strong indication that the buying is strong and we are definitely headed higher. There might be a small correction but it is highly probable we are going to continue to put in new highs on the S&P. According to the daily chart as it is right now, 4,300 on the S&P is a reasonable price target.
AMEX:SPYLong
by Steven7960
4