Trading the Line

Technically the market looks great. Strong oscillator and holding above all of the rising lines. New highs and more new highs. Target 2000 by end of July. Perhaps 1980.

It seems that the 2 near term T structures are more dominant than the larger, probably due to the interference of Fed easy money, and this would suggest highs at 26 June and 24 July or thereabouts.

June expiration and divi day for SPY. It seems that expiration will pin at 1960, SPY 195.

I have re-drawn the most recent short-term T structure, and this would support the case for a grind higher to say 1970.

Ultimately it does seem like that the R1, R2 resistance lines will fail, and this would open up the possibility of significant more upside.

Note that the last 2 days have prevented the oscillator sell signal, keep an eye on that.

and the FOMC says….

Still not quite a Buy signal (close above 1943) yesterday and the oscillator is probably going to make a sell signal today or tomorrow, which would also coincide with the end of the larger T structure (grey).

Not quite a buy signal yesterday (needed to ba above 1943) but looking like a float higher and re-test of the high is likely and then possible failure judging by the dropping oscillator.
Will the FOMC massage the market?

I'm expecting to see a bullish / sideways start to the week and perhaps even a re-test of the 1950 area, before a more serious pullback occurs.

Follow thrugh yesterday hit the short-term stop at 1939 and sets up for a re-test of the high
(if my analysis of the longer T structure from 2nd march is correct)

Found support on the first rising trendline from but if this fails there is stronger support at 1920 and then 1905.

The oscillator remains high and I do not expect a full Sell signal to occur until after June 20 expiration.

CCI short-term stop / sell signal.
Wait to see if it is confirmed by price (below 1939).

Projection is sideways / slightly upwards into June expiration – keep an eye on support from rising trendlines.

Now looking for a sideways / downwards move and test of 1930, followed by a re-test of the high.

It appears that R2 resistance line held yesterday and so the pause is now on.

I am expecting a short drop to perhaps 1929 and a second attempt at 1960 to coincide with expiration week.

A holding pattern until end of the larger T structure, and then we see if we get a sell signal.