SPX has rallied on trade deal news. Prices may be overextended short term though, and a possible pullback to test white trendline support may be coming next.
The pullback may be similar in size to the June decline.
2940 S&p500 index short term top? i'm short futures dec around 2941 average. top futures contract 2944.75 for now.. stop loss a bit more for me.. very low risk and low potential loss.. let's see..
remember the SNP can remain overbought quite a while....see the weekly chart back to 2010, there are 2 distinct events where it remained PB for 6 months plus
For now my shorts are good. take profit during today for half part and stop profit for the other half. good gain.
SC you have proposed 2 scenarios for S&P500: 1: top around 2935 - 2940, then 2830 and finally 3000 - 3125 2: top around 2980 than 2750 AND I SUPPOSE 3000 - 3125
If the first is good then the market has start to go down yesterday. if not we need to see between today /tomorrow a positive impulse to breakout 2940. If this impulse does not occour we are in the first scenario..
i think that this is a good summary of your thought
SPX is near the initial downside target of 2,850 with a test of the white trendline.
A bounce off the white trendline and a head and shoulders is in play. A right shoulder 2,920 SPX followed by a decline to at least 2,830 possibly as low as 2,750 SPX into November 6th.
SPX may be overbought this week on the daily if prices rise a little further.
ReplyDeleteUVXY on track to be oversold in a few days for the first time since January.
ReplyDeleteSo what's next? Is Mueller ready to interview trump? There's enough skeletons in Trump's closet to make a graveyard jealous...
ReplyDeleteyeah ok
Deletemarkets going 3200 plus im not sure that we going down to 2850
Delete2940 S&p500 index short term top?
ReplyDeletei'm short futures dec around 2941 average. top futures contract 2944.75 for now.. stop loss a bit more for me.. very low risk and low potential loss.. let's see..
many thanks SC.
SPX not quite overbought. It's getting there.
ReplyDeleteSPX 2950 the 2960 your thoughts and then a pause with a slight move down maybe 2900
DeleteMeanwhile bitcoin is standing on the edge of the cliff. Bitcoin plunge likely to coincide with the pullback in SPX.
ReplyDeleteYep Bitcoin going to drop gbtc I'll be trading when that happens do you expect the SPX could be overthrown to 2975 2980
DeleteTo see SPX overbought it can see maybe 40 more points upside. That can take a week.
ReplyDeleteThe pullback can take prices as low as 2,750 SPX.
ReplyDelete2,750 is the lower fork support.
Delete2,980 SPX then 2,750 SPX. HAPPY HALLOWEEN!
ReplyDeleteBoth in Oct SC?
DeleteHigh forming in October. I will look into timing for the low. November?
DeleteProbably November midterm low.
Deleteremember the SNP can remain overbought quite a while....see the weekly chart back to 2010, there are 2 distinct events where it remained PB for 6 months plus
ReplyDeleteFor now my shorts are good. take profit during today for half part and stop profit for the other half. good gain.
ReplyDeleteSC you have proposed 2 scenarios for S&P500:
1: top around 2935 - 2940, then 2830 and finally 3000 - 3125
2: top around 2980 than 2750 AND I SUPPOSE 3000 - 3125
If the first is good then the market has start to go down yesterday.
if not we need to see between today /tomorrow a positive impulse to breakout 2940. If this impulse does not occour we are in the first scenario..
i think that this is a good summary of your thought
Right?
HI!!
Yes, that is correct. The difference is the size of the pullback. Shallow pullback to test white trendline or deep pullback to 2,750 main support.
Deletei guess your still long correct?
DeleteYes, support 2,870 SPX. We may see that tested this week. Next week can see a bounce to 2,910 and down to at least 2,830.
DeleteMay even see 2,930 next week, basically a retest of the high. So there should be a good opportunity to take profit and look to short.
Deletei sold all my longs at the top im just looking to get in again for a bounce
Deleteyou might get 2870 today
Deleteclose all shorts yesterday (from 2940). Now i check to go long again. let's see..
ReplyDeleteMay be a small distribution o 2 /3 weeks.. not yet complete.. a pull back from this zone 2900 - 2930 to november midterm.. 2830..
as SC sugggest..
nearing support on spx
DeleteYes, looking good!
DeleteSC: have you intention to short the S&p500 ( may be stop & reverse UPRO?).
ReplyDeletePotential target are interesting .. 2830 - 2750.
If Yes around at which price? 2905 - 2930?..
many thanks
Possible head and shoulders with right shoulder 2,920 SPX.
Deletemarket in support
ReplyDeleteSc if head and shoulder what will be target and when
ReplyDeleteSPX is near the initial downside target of 2,850 with a test of the white trendline.
DeleteA bounce off the white trendline and a head and shoulders is in play. A right shoulder 2,920 SPX followed by a decline to at least 2,830 possibly as low as 2,750 SPX into November 6th.
New chart posted!
ReplyDelete