S&P500 daily update

Having taken out 1865 yeserday we are now within reach of 1880-1885 which takes us back up to a long term resistance angle projected from the May 22, 2013 peak. Can we go higher? Of course. If we can move up thru 1885 then 1940-50 becomes a potential target.

Survived the first major test of this recent bull move. Which way will we go – above 1867 or below 1835.

The oscillator has started to weaken, but we still have several lines of support before a short signal.

Starting to look a bit like May 22, 2013.

We start March in a great position, and a move above the important 1850 level. No reason to short this. We need to see a close above the grey channel or a weakening of the oscillator. The grind goes on.

Russia / Ukraine have put a negative bid on the opening – lets see if we can hold 1845 by the close. Futures have recovered a bit.

Daily grind higher – next target 1880.

2 inside days – setting up a big move – up or down ?

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.