S&P500 daily update

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….

Cleared the first hurdle and now sitting inbetween support and resistance. Anyone's guess but the signal stays on Buy until proven otherwise. Next few days should provide a stronger signal either way.

Current short term buy signal exceeded on Friday, so it is possible that this is turnaround day.

We are back at the 55 line so above here we have a Buy signal (1804) and if rejected then we could see lower prices – a re-test of 1740 or even 1720.

Intraday we have support all the way down to 1759, but a close below 1772 is signalling a resumption of the Sell signal.

Yesterdays decent rally of 21 points and close above 1767 confirms the expected short-term Buy signal. Notice the Sell-Buy-Sell action and 15 point spike-down on the 5th Feb leading to the move. Notice that gann line 3 is holding. And CCI confirms the move. A reversal is occurring if we see 1756 or lower intraday today or close below 1761. Note gann line 1. potential support.