S&P500 daily update

More Fed Fuel, and a very strong market.

Although we can expect a pause here – 10 days symmetry from the all time high on 24 July, I'm not expecting a significant pullback due to the strength in the T volume oscillator

I expect to see a continued grind higher from here and new highs shortly – 2000+ in sight.

Hold on tight. Keep an eye on the trailing S/T stop – currently at 1959 and rising – we shouldn't violate that before the first main peak of the T.

Good strength yesterday and filled the gap down from July 31st.
Quite overbought here, so will probably need to rest between 1970 and 1980.

Main arm of the T structure activated now – looking for first major peak around September 10 in the 2010 area.

We found resistance at 1964 and support at 1941 on friday and closed as expected at 1955.
Action that is indicative of the moving average crush and although bullish suggests that this level may need a bit of working through.

Interestingly Get is now showing a low PTI on the recent downtrend indicating that the downtrend no longer projects a lower low than August 7 (1904).

We could see some weakness mid week but the next projected peak – first main arm of the T from the momentum high on July 3rd – is September 10.

T Theory volume oscillator breaking up above zero confirming the Buy Signal, and projecting a price high for 9 September with a minor peak on 20 August, and extending to 19 September and 3 October.

Very close to a L/T Buy signal.

Options expiration today so expect all the usual shenanigans, and most probably price will be held at 1955 until late in the day.

A strong push above the 55 EMA which is always a good sign.
Look for continued strength into Friday's expiration and into a peak on the 21st.
If we can clear the Mid-point currently at 1953, then an L/T Buy Signal will occur.
Failure at that level could result in a decline and re-test of the lows.

Monday's peak and yesterdays slight weakness is consistent with the T structure, and maybe just another Buy entry.

But there is always the possibility that it was entry for another leg lower.
Watch any action around the rising trendline for evidence either way.

My gut feeling is for a gradual grind upwards to 1995 for a re-test at September expiration.

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.

OK 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.