A navigation system for trading the S&P500 index
A 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 CommentsYes, the FOMC massages and up we go again. Renewing the short-term long position at 1944, and back at the R2 line again.
We are at the end of the larger grey T structure, so perhaps we see some weakness again. Perhaps some sideways digestion, perhaps a grind on up to 2000+.
Keep an eye on the rising lines and oscillator for a reversal signal.
No Commentsand the FOMC says….
Still not quite a Buy signal (close above 1943) yesterday and the oscillator is probably going to make a sell signal today or tomorrow, which would also coincide with the end of the larger T structure (grey).
No CommentsNot quite a buy signal yesterday (needed to ba above 1943) but looking like a float higher and re-test of the high is likely and then possible failure judging by the dropping oscillator.
Will the FOMC massage the market?
No CommentsI'm expecting to see a bullish / sideways start to the week and perhaps even a re-test of the 1950 area, before a more serious pullback occurs.
No Comments