A navigation system for trading the S&P500 index
Oops – an ugly reversal of the previous signal.
Of course the Fed may massage the markets. Otherwise we test the previous low of 1905 and see what happens next.
No CommentsOK we failed the initial pop, and failed to get above the 55ema, which were my reservations on the Buy Signal on Friday.
Futures are down 9 at this moment and if we fail to recover today, then another low may be required. Maybe test the prevous lows – 1926 and/or 1905.
Watch to see if we find some kind of support on one of the rising lines from the Oct 2 spike low, or Not.
No CommentsMarket recovered enough, and held on Friday afternoon to confirm a short term Buy Signal, and Futures are positive this morning so the expected follow through should remove any doubts.
It looks like the T will provide bullish strength into October 24.
Watch out for any failure below the S2 support angle, currently at 1985.
No CommentsNice recovery from 1926 and maybe a turning point.
Plenty of buyers down there today, but need to see follow through tomorrow.
No CommentsElevator down.
Reminders for future reference:
– use Vol. Oscillator low to determine peaks when there is a discrepancy between oscillator and price lows.
– when you have an oscillator sell signal in play, and then a token new high, look for a kiss goodbye of the rising trendline that it broke
And so where do we bounce?
Maybe here
But ideally a bit lower – 1930 or 1908
Watch for stabilisation just below or near to the grey lower boundary of the channel
No CommentsWeakness again and at the 55 ema which is a bad sign.
Failed to recover S2 support line
Maybe today's morning strength was the end of month rally.
Elevator down?
No CommentsHolding onto the S2 support.
Looks like we could get a couple days of strength into resistance and to finish off this blue T structure.
And then I would expect a quick flush out to the 1930's, perhaps 1910's for an October Low and Buying opportunity into the Winter.
No CommentsNice rally on Friday but the short signal remains in play until we close back above1989 at least.
Not likely today due to very negative futures. But can we hold at 1955-60 ?
Possible next level of support at 1935 and then 1908 ish.
No CommentsAs suspected yesterday's rally was a fake out.
Failure at the mid-point and penetration through the 55 ema and gann support line S2 add to the ugliness.
Of course we are now due a dead cat bounce and a rally back up to the 21 ema (1991) would provide excellent short entry.
No CommentsA nice relief rally off 1978, but not quite a Buy signal.
It does look like a replay of the previous bounce may occur – need to see follow through with conviction.
Note: similarity with March 27 low.
Dangerous markets ahead.
No Comments