A navigation system for trading the S&P500 index
No change to the picture – consolidation at the highs, oscillator strengthening, above all of the rising lines.
Notice how R1 is now looking like support.
No CommentsIndecision led to gap and go.
Oscillator sell signal averted yesterday with the new highs across the indices.
Looks like we should grind higher into the holiday now with the next expected peak around July 9.
No CommentsIndecision (Doji day) and oscillator v close to a sell signal. It should fire today unless we get a 15 point move upwards. (Initially this should be treated as a hedge signal rather than a sell signal)
The oscilalltor sell signal suggest a weakening of the market, perhaps a consolidation at the highs, and maybe a impending pullback (requires confirmation by price dropping below the mid-line).
The market is still bullish, and should be treated as such until proven otherwise. If we get the signal today I will sell credit spreads in the 1980-2000 range – as I'm still expecting to see a grind upwards but continued resistance at R2.
No CommentsStill LONG but we may be getting close to a sell signal or extended congestion period again as indicated by the oscillator which may be moving below the black line in the next few days.
However this is a shortened holiday week and could be bull favorable from that perspective. I'm targetting 1980 and then 2000 as possible targets (3 x the S&P low of 666).
No CommentsA recovery day from early weakness and the 'bad' news showing support on the rising trendline.
The bull does still look strong but we are seeing some weakness creeping in, which may 'crack the uptrend' at least temporarily. Lots of rising support lines to defend.
No CommentsA continuation Buy Signal at 1959.
It looks like the selling dried up immediately and the market bought the bad news.
Does R1 now become support. Will we break up through the R2 angle?
I think we grind on upwards, in a saw-tooth manner, keeping the bears growling and the bulls scared.
No CommentsOK so the doji yesterday led to to a spike and sell off, and maybe the end of larger grey T did come in a bit late.
I am still bullish here due to the levels of rising support lines below, in particular at 1944 today, but a distinct close below 1935 would change that picture at least short-term. Also keep an eye on the oscillator which may now start dropping.
Resistance lines R1 and R2 do seem to be in operation (I had started to beleive the melt up was going to clear that). Looks like an epic struggle, above which we get a humongous Buy signal.
No CommentsA rest day, perhaps a little indecision.
At R2 resistance which may be slowing the momentum and RSI 14 back at 70.
But oscillator strong, above all of the lines and lots of support below. Stop or hedge if we close below 1952.
No CommentsTechnically the market looks great. Strong oscillator and holding above all of the rising lines. New highs and more new highs. Target 2000 by end of July. Perhaps 1980.
It seems that the 2 near term T structures are more dominant than the larger, probably due to the interference of Fed easy money, and this would suggest highs at 26 June and 24 July or thereabouts.
No CommentsJune expiration and divi day for SPY. It seems that expiration will pin at 1960, SPY 195.
I have re-drawn the most recent short-term T structure, and this would support the case for a grind higher to say 1970.
Ultimately it does seem like that the R1, R2 resistance lines will fail, and this would open up the possibility of significant more upside.
Note that the last 2 days have prevented the oscillator sell signal, keep an eye on that.
No Comments