A navigation system for trading the S&P500 index
Assuming that the buy signal remains intact Short-term target 1955 for friday expiration.
Found some resistance at the 55EMA and made a short term peak.
Any pull-back should be met by strong buying.
Oscillator and T theory volume oscillator making a buy signal.
No CommentsWith Friday's relief rally (after Futures sell-off overnight) the market made a Buy Signal during the last few hours and closed above 1929.
A rally to the mid-line at 1955-8 is now on the cards, and possibly a move back to the all-time high for a second look (maybe a kiss goodbye?)
Get is still saying resistance at 1944 and possible lowere low but the T structure is suggestive of a rally into early October. A new high in the 2020's – not out of the question. Certainly if the Russian problem is over?
No CommentsOK we lost the potential support at the 1920 level, so we should expect to see some fresh support around 1900 on the S4 line. below that – even more significant support at 1870-1880 on S5.
Previous resistance should now be support. Looking for the possibility of some kind of releif rally into next friday's expiration.
No CommentsShort term low may be in – indicated by the first ellipse. (re-trace of move from May 15)
and just about holding the support line S3
But potential for a lower low – 2nd ellipse (re-trace of move from April 11
Keep an eye on yesterday's low – 1911.5 – as a line in the sand.
Short-term Buy above 1936, confirmed above 1940.
No CommentsLooking for a low but perhaps not there just yet
If we can't hold this line at S3, then a drop to 1880 may well be on.
No CommentsA nice rally off the S3 support line, but didn't make a Buy Signal just yet – so lets see if we stabilise now or whether the market need to find a lower low at S4 or S5.
The ellipse tool is still looking for sideways and downwards, and the T thery volume oscillator is suggesting a few more days of upside, but the 70 day low to high may be suggesting yesterday / today / tomorrow as a top – perhaps a dead cat bounce then.
No CommentsYesterday's non response to the Fed + the overnight selloff (Argentina probable default) indicate that a Sell Signal should occur today at the open. It is clear that we need a pullback – but how far down?
Initial support indicated by MOB is 1945 at the 55EMA, then 1935, then 1920s.
As sell signals can rapidly develop into Buy signals at lower levels, I have drawn a possible T structure that could develop out of this, and will re-draw daily.
No CommentsA tentative Sell Signal yesterday but needs to drop below 1964 and then 1952 to really confirm.
A close above 1982-3 will signal another attempt at 2000.
Can the Fed stage another rally or will global issues get in the way and spark a sell off?
No CommentsPrice remains resilient and above the various rising trendlines except that you could argue that the S1 line from the Feb low is now being violated with the recent action. Perhaps it kissed goodbye yesterday at 1982.
A squeeze is underway and a 'pop' to the upside or a drop to the downside will happen shortly – probably FED induced unless we get major geopolitical news.
No CommentsDid we get a sell signal?
A weakening market making new highs, a doji day at 1988-1991 followed by a gap down ?
Not quite – as we did bounce off the mid-line at 1974 and held at the Gann line from the February low.
Personally I would expect to see a quick drop to flush out the weak bulls and then a resumption of the grind higher.
No Comments