S&P500 daily update

Nothing much to say. Raise those stops a little. Looks to me like a grinding upward whilst re-charging for the bigger move.

A nice spike up into the fresh air today with some decent selling into the close (again). Need to see a close below yesterday's open to confirm a short-term top. I think this is still the 'digestion' of the recent 100 point run up in preparationj for the bigger move (up or down). Don't want to short this thing until we see some weakness in either price or the oscillator.

Nothing much changed but note the friday expiration weak close. Perhaps a pull-back to 1810 is on the cards.

Still we are above the lines for now and we may just need to grind around at this level Target remains at 1865-1880 unless we break down below 1800. Lots of potential support so patience is required here. Perfect for premium selling.

Yesterday's action now adds a nice rising diagonal support line. If we breach this line expect a move down to the lower diagonal (1.) for a re-test of the signal.

Nothing much to be concerned about (yet) though the spike at the 1847.50 does make me wonder if this is the start of another move down. We were extremely overbought after 7 days up out of 9 (100 points) so a pullback / shake out makes sense. Momentum remains positive. Tight stop on a profitable position at 1823.

Short signal if we breach 1796 on a close or 1791 intraday.

7 days up out of 9 and 100 points.
Target is close above grey boundary, 1850 or 1865-1880 if we break 1850.
Most probably run out of energy at 1880 if we get there.

New highs in sight. If we take out 1850 we should find a bit of resistance at 1865 around the 21st February or 4th March – using the Mob in advanced get.

Keep an eye on the oscillator now that' its around zero.

A break below 1796 and we sell, otherwise we are cruising upwards.

Yesterday's dip at the open was bought aggressively by the bulls.
Target 1850-1865. Stop and reverse at 1796.
Potential support at 1775

A pause in the momentum – as to be expected. Nothing to see here. No change to the picture but the diagonal still in effect and the picture could change quickly.

Looking to close out February options today or tomorrow – a week before expiration, and replace with March position.

Yesterdays strong buy signal was bought with avengeance, again surpassing my expectations and proving the perma-bears to be very wrong yet again. We are now at a diagonal resistance 1819 so we should expect a bit of flagging perhaps down to 1800, maybe for a confirmation of the Buy signal or perhaps….