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SPX: Momentum Bearish, Nearby Supports, But Big Picture Bullish?SPX: Do not be fooled by the near term bearish momentum, the major trend that has been pushing this market higher since November is still intact. June 16th was the most recent swing high, and the current peak of the major trend. Since then price has pulled back to the 2410 area, with yesterday being the second time. 2414 is a .382 support from the most recent upward swing that began on 5/18. Since this market has found buyers in this area, they may appear again which would indicate minor price stability in the near term. In order to see a return of some serious upside momentum, a break of the 2425 resistance would have to materialize. Until that resistance is taken out, prices are likely to drift lower. How much lower you ask? 2396 is the next major support area, followed by the low 2380s. A break below the 2380 to 70 area will signal a possible medium term consolidation, which can take prices into the lower 2300s. The key level to watch for is the 2309 to 2300 area. This is major trend support and a break below this would signal that the major bullish trend would no longer be intact, but we are a long way from that level. Until then any bearish momentum is just a healthy pullback no matter what the mainstream financial media soap opera says. I will be watching for prices to stabilize around the low 2400s to high 2390s and perhaps a continuation of the major trend from there. Summertime trading is typically characterized by low volume, and unless earnings can provide some catalysts, this price action is relatively normal. To summarize, near term momentum is bearish, we may see the low 2400s to 2390s, but a break above 2425 will signal that buyers are back and the bullish trend is likely to continue. If 2309 breaks, then the major bullish trend becomes questionable. Questions, comments welcome.
TVC:SPX
by MarcPMarkets
An expansion my last idea (buy EURUSD, or wait)Waiting for price to break 1st resistance in the Senkou span. Meanwhile Kijun has just crossed below price (bullish signal). Tenkan looks fine, its flat lining for a while, but it will change later... Last but not least, the Chikou span just completed a bottom-top crossover, meaning a bullish trend is probable (but we must keep in mind that because of the nature of this line that the crossover may have been caused by recent up movement
Long
by UnknownUnicorn535733
DJIA : The index should retrace after new ATHThe Dow Jones Industrial Average (DJIA) has made a quick and powerful bounce from 17883 to 18873 points (Thursday). It represents a 5.5% increase in only one week. The victory of Donald Trump has apparently raised the idea that the new policies might spark a stronger economic growth. After that short term progression, we can clearly see that the underlying trend is definitely bullish : - the previous short term tops have all been passed - a new all-time high (ATH) has been drawn - this bounce approximately matches with a short term reversal point, according a cyclical analysis that highlights a 4.5 months periodicity taking place since July 2015. On that situation, investors should probably wait a short term correction to enter long on the DJIA . Currently, the technical indicators (RSI + Stochastics) are overbought : it is not a reason to sell if you are already long, but it is definitely not the moment to enter long if you were not. A congestion of the last week upside wave could have an amplitude of 62.8% (Fibo retracement + previous short term top) ; above that level, I will keep a close eye on that index to detect bullish reversal indications inside the correction . Stay tuned for updates , and feel free to leave your views on comments
TVC:DJI
by AlexandreNygal