Bold Prediction SPX Target Based On Previous PostsNOT ADVICE DYOR
Previously Posted
For Construction & Big View See Post 27 Aug 2020
Standardandpoors500
GAP down before a Presidential Election what can we learnWhat can we learn from nearest GAP Down prior to Presidential Elections dating back to 2000.
Green horizontal lines = GAP down. Pink vertical = election day. NOT ADVICE. DYOR
S&P with and without AMAZON. What do you make of this?This chart comparison displays the S&P index with AMAZON (left) and without (right). The sole purpose is to highlight the big impact that AMZ has during the recent weekly rally after indices made a bottom.
As you see with AMAZON, S&P has been rising continuously since the March 23 bottom while without the weight of the pandemic-proof stock (since its on-line nature is favored by the lockdown) it is currently exactly on the March 23.
Food for thought on how bad the situation is on traditional companies. What do you think?
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S&P500 Is COVID just a bounce inside the Channel?** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
Well as you see the chart is pretty explanatory. I want your thoughts on a simple question. Was the sell-off driven by the COVID pandemic just a necessary technical bounce inside the multi-year Channel Up that started at the bottom of the 2008 crisis?
So far, even though the 2200 bottom marginally broke it, we have stronger evidence with the recent weekly rally that the trend is still bullish within the Channel Up.
The Megaphone that has emerged can be seen as similar to the one that preceded it in 2014 - 2016. Maybe now the index will continue upwards but on the lower part of the Channel Up. Notice how the RSI was descending during both Megaphones.
What do you think? Was that just a bounce? Looking forward to your opinion.
S&P: Testing the 4H MA50. Trade plan.S&P is testing today the 4H MA50 for the first time since it broke it on February 21st. Crossing and closing a 1D candle above it will be a bullish development especially if the 0.382 Fibonacci level, which has been acting as a Resistance so far at 2,650, also breaks.
On that occasion we will be expecting an extension towards the 0.618 Fib around 2,930, which is technically the last long term Resistance before the index re-enters its long term (multi-year bullish trend). This where the 4H MA200 will be waiting to also act as the final Resistance, which has already rejected one uptrend attempt on March 4th.
On a different occasion, if the 0.382 Fib at 2,650 holds, then we are expecting a pull back to the 2,450 short term Support at 2,450 and 2,200 in extension.
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SPX500 USD SELL (STANDARD AND POOR'S 500 INDEX - US DOLLAR)Hi there. Price is forming a continuation pattern to the downside. Wait for the price to complete the pattern and watch strong price action for sell.
S&P: Long term Buy opportunity.The index has just made a Higher Low within the 1W Channel Up (RSI = 47.048, MACD = 40.350) and technically appears to be ready to rise again. Since March the 2,728 level has provided Support every time the 1D MA200 was crossed (marginally) so consider this 1W Support the limit. The Higher High sequence is projected to be completed around 3,080, which is our current TP.
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S&P: 0.618 Fib on 1M. Potential Support.The index aggressively crossed the 1W Channel Up to the downside last week (RSI = 36.642, MACD = -236.100, Highs/Lows = -527.9643, B/BP = -1241.7760) presenting the first such correction on S&P since March. I has however found support near the 0.618 Fibonacci retracement level on 1M (monthly). Also the Monthly Higher Low supporting line is just below, indicating that a strong support base and buying demand zone is present on a monthly basis (RSI = 45.274, MACD = 241.800). Our target in one month's time approximately is 2,878.00 with 2,807.75 the intermediate TP.
Target hit. Expecting upside continuation. Long.TP = 2,854.75 hit as the 1D Channel Up (RSI = 65.007, MACD = 19.610, Highs/Lows = 15.5179, B/BP = 48.7240) extended on a new Higher High at 2,863.75. A smaller Rising Wedge pattern however is squeezing the price through the funnel towards the All Time Highs. That remains the second TP = 2,787.00 and the 4H Channel Up is steady enough (MACD = 8.760, Highs/Lows = 0.6071, B/BP = 13.7820) to see this through by next week.
