A navigation system for trading the S&P500 index
A tentative Sell Signal yesterday but needs to drop below 1964 and then 1952 to really confirm.
A close above 1982-3 will signal another attempt at 2000.
Can the Fed stage another rally or will global issues get in the way and spark a sell off?
No CommentsPrice remains resilient and above the various rising trendlines except that you could argue that the S1 line from the Feb low is now being violated with the recent action. Perhaps it kissed goodbye yesterday at 1982.
A squeeze is underway and a 'pop' to the upside or a drop to the downside will happen shortly – probably FED induced unless we get major geopolitical news.
No CommentsDid we get a sell signal?
A weakening market making new highs, a doji day at 1988-1991 followed by a gap down ?
Not quite – as we did bounce off the mid-line at 1974 and held at the Gann line from the February low.
Personally I would expect to see a quick drop to flush out the weak bulls and then a resumption of the grind higher.
No CommentsWith a gap and go bullish reversal day occurring, the Sell Signal is cancelled out for now.
Expect slightly higher prices early next week and the expiring of the series of major short-term T structures may well initiate a sell signal at a slightly higher price.
No CommentsAll my indicators are suggesting that this is toppy and that we are now due a correction. Perhaps we get a pop-up and sell off to somewhere like 1940.
The chart looks very similar to mid January – a recovery from a momentum peak; market looks ok but then fails the mid-line signalling the sharp drop.
Of course that may not happen and we just grind on higher into August, perhaps in a volatile and choppy way.
Position is Short with a small hedge, and be prepared to roll up the short-position. Upper limit expected for August exp. is 2020, lower limit is currently 1920.
No CommentsLots of negative signals creeping into the market.
Friday's expiration day relief rally was to be expected with lots of bears trying to take advantage of the drop on thursday and the market makers ensuring that as few as possible of the puts employed were profitable.
A classic bear trap.
No CommentsWith the close below 1963 in late trading today on the airplane news, a Sell Signal occurs.
With options expiration on the following day and because of a steep 'panic' decline into the close it would be pragmatic to wait for an expected bounce in order to get out.
No CommentsGrinding on higher. Unless we get a sharp drop today, then we are good for 1990 early next week.
Oscillator trying to recover.
No CommentsShort-term continuation buy signal at 1973, and the target for the End of the 2 short-term T structures would now appear to be 1990. Option interest for friday expiration also suggests resistance at 1990 and support at 1950.
The oscillator sell signal remains in place indicating the toppy nature of the market.
No CommentsWill we re-test the recent high at 1985 or not?
Certainly looks possible, late last week we hung on in there and closed just above the support line of 1963 – indicating stabilisation.
My projection is for a grind into a double top or slight new high, before the end of the current T structures take effect.
No Comments