S&P500 intraday update

A nasty drop and some relentless selling in the morning, followed by a sharp bounce and rally off the Mid-channel which is often an initial support on first visit.

Technically some damage done and just failed to close back above the important Buy Signal line.

Therefore a cover signal at 2559 for now whilst the market stabilises.

And that is a nasty declining angle from the all time high that we will need to negociate moving forwards

 A strong recovery and holding onto the Buy Signal with a tight close back just above 2496.

Market pushing towards the Buy Signal level of 2450 in early trade after what seems to be a successful re-test of the 55 ema from above.

If the market can hold up and close above 2450 this would be S/T Buy Signal.
We also have the possibility of a short-term peak here as projected by the small T.

The Echo high provides a little fuel and confirms my suspicions that we saw a kiss good-bye of an important rising trend line yesterday.

Further failure at the 55 ema cancels the possible new T at last week's low and brings the possibility of a visit to the lower reaches of the channel as we look for a larger structure to form in the days or weeks to come.

Market playing catch-up quick in early trade.

This is potentially strong resistance, but a close above 2462 is an S/T Buy Signal.

Rapid drop at the open activates a Sell Signal at 2460.

Pre-market push higher has the market open up above the Buy Signal line.

We do have a descending resistance line at 2439-40 and so it would be good to see the market hold above this area.

Market back on fine form today and re-gaining that important trend line.

If the market can hold onto these gains there is the potential for a small T into late July.

But plenty of descending resistance lines to negotiate first.

Failure of this level again would be another short opportunity.