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SPX daily chart update: the RSI is trying to pause just below the 50 middle line. If it wants to it can temporarily make a reading just above the line. In a bear market the RSI 50 usually acts as the CIT point. It is close, and *might* already be indicating a potential reversal.
The MACD continues to rise towards the zero line. It’s unlikely to do it in a straight line and a pause is due before the rise continues.
This is still likely an ABC rally to around 2,730 overlap or higher. The question is whether ‘A’ has completed or has a little further to go. The chart suggests a reversal point from A to B is close.
SPX shorter term: as an alternative to the ‘rising wedge’ chart above, it’s possible to see a top formation in SPX that *might* resolve downwards to around 2445/60 to complete an abc for wave ‘b’. This would be logical in terms of the daily chart RSI and MACD readings.
If this happens, it is likely completion of waves ‘a’ and ‘b’ leaving a ‘c’ wave rally towards the overlap target in the 2,730 area.
Uncertain and a guess. I don’t have a position.
Good Morning Hatman Cimac Danny houdini Daniel san
Good luck to us all
LOL Tried posting Levels etc – it goes through but cant see my post : 😛
Mercuury overdose
LEaning S4H
Small droplets of rain turn into Rivers, Streams and Mighty Oceans
Dow S4H … let’s see what kind of pt8 ‘h’ we get
after the overnight futures weakness.Never give up, never surrender.
Dow S4H … let’s see what kind of pt8 ‘h’ we get
after the overnight futures weakness.A lot of data comes out today.
Euroland 08:45 10:00
US 15:00
These earlier ones in rth may help shape the S4H
with watchers expecting poor numbers.
Could be tricky times to trade for all.Never give up, never surrender.
SPX idea: it occurred to me just now that the pattern developing *might* become a rising wedge triangle for wave B. B waves are often rising wedge affairs.
See chart for idea. Note that this is a *guess*.
Interestingly a rising wedge would keep the daily RSI at or below the middle line, whilst allowing the daily MACD to continue to rise.
Remember the Bradley date is April 6 (expected to be a marginal high) followed by a sharp decline into April 16/18.
Looking at my chart, the rising wedge idea does *fit* with the dates, but remember that THE BRADLEY IS OFTEN A LOAD OF NONSENSE.
At least this is an idea worth considering and watching.
SPX major support: the major support line lies at the 2100 peaks set in 2015. Multiple hits and rejection from that area.
The other indices – DJI, NYA, RUT – have touched and exceeded that support line. But SPX and COMP have not.
SPX bounced from minor support at 2,200, but I wonder if that strong area of support at 2,100 beckons.
Awesome guys.
Myself I was glad to remain bearish. Its tough though to say how much they try and “save” it today, but I would be surprised if the lows of this move are in.
I will post more shortly as not done much study yet.
S4H is often a pop and drop and that ties in with me shorting an opening high today.
Plan your trade, trade your plan!
Dax is going into data 1 on the down tick.
Could be real or a trap.
We have data 2 and data 3 afterwards.
Never give up, never surrender.
SPX 2400/50 is my first target here (and possible bounce point)
I am not going to spend too much time studying FTSE/DAX/CAC etc, as they just follow what US does. However I will always look and comment on them intraday where nescessary
Plan your trade, trade your plan!
So far so good, some would say.
The euroland data 3 is at 10:00 ( the one to watch ).
Then silence.
USA data starts at 12:00 but the bigun is at 15:00
Never give up, never surrender.
Thanks Chris, great team work.
The bounce on DAX is nearly 200 points, so that is the one I will be shorting next
I want it nearer 9680/9700 ish though
Plan your trade, trade your plan!
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