S&P 500, 5/30/23The 4220.00 long-term resistance area can contain buying through Q3, below which 4012.00 is attainable by the end of June, 3852.25 in reach over the next 2 - 3 months.
Upside, a weekly settlement above 4220.00 should mark the resumption of a long-term bull market, then anticipating 4548.00 within 3 - 5 months, a retest of the 4808.25, January 2022 all-time high attainable by the end of the year.
Downside, a weekly settlement below 4012.00 signals 3852.25 within 3 - 5 weeks, where the market can bottom out through the balance of the year.
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For Tuesday, the 4205.50 - 4220.00 region remains pivotal through the balance of the year, above which 4309.25 is attainable within the week.
Overall, a clear weekly settlement Friday above 4220.00 (last week failed to settle above this significant long-term channel top) would indicate longer-term bull trend resumption, 4548.00 (rising weekly) then considered a 3 - 5 month objective.
Downside Tuesday, breaking/opening below 4205.50 signals 4190.75, while closing below 4205.50 indicates a good weekly high, 4166.25 then expected within several days, 4090.25 within 2 - 3 weeks, possibly yielding 4012.00 by the end of June.
Es1
S&P500: Upside limited to the August 2022 High. Buy the pull bacThe S&P500 index is approaching the top of the Megaphone pattern inside the wider Channel Up. The 1D time frame is bullish technically (RSI = 59.471, MACD = 22.900, ADX = 16.182) but only moderately. If the price crosses over the Megaphone, we will buy the breakout and target the top of the Channel Up (TP = 4,295). If not, we will buy the pull back near the 1D MA50, which is supporting since March 30th and target the R2 and August 16th High (TP = 4,330).
If the index though crosses and closes under the 1D MA50, we will sell and target the S1 (TP = 4,045) and further closing under the S1, will target the bottom of the Megaphone and 1D MA200 (TP = 3,985).
Prior idea:
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Buy the Rumour, Sell the Fact, 28th May 2023🖼 Daily Technical Picture 📈
➤ Traders hate weekends and public holidays, probably more so than losing trades.
➤ Equities were up strongly on Friday. I find it curious that with such strong bullish passion it failed to close above the recent high. I might be wrong, but it looks like a classic set-up: Buy the Rumour, Sell the Fact. The rumour is that the debt ceiling shenigans will be resolved...it is now a fact, at least "in principle" with a final vote in Congress.
➤ Clearly with that expectation and resolution, everything is in my opinon already "priced in". Could there be a surprise that falls short of a successful vote? This would be unlikely given the confident signaling. Otherwise, it would create utter chaos in the short-term.
➤ Conclusion: 🐆 Sell in June and go away?
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
ES1!: Sellers In Panic! BUY!
My dear subscribers ,
I analysed this chart on ES1!, and concluded the following:
The asset is approaching an important pivot point 4219.25
Bias - Bullish
Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bullish continuation.
Target - 4256.00
About Used Indicators:
On the subsequent day, trading above the pivot point is thought to indicate ongoing bullish sentiment, while trading below the pivot point indicates bearish sentiment.
———————————
WISH YOU ALL LUCK
S&P500 INDEX (SPY) Your Trading Plan For Next Week
S&P500 Index formed a huge ascending triangle formation on a daily.
Its neckline is a key horizontal resistance.
To catch the next bullish wave, wait for a bullish breakout of 4215,
it will confirm the violation.
A bullish continuation will be expected to 4300 then.
❤️Please, support my work with like, thank you!❤️
ES EOD Update15 pts until the ES gap fill, you know it'll get it before Tuesday open. The only scenario where i see a gap down is if it's overbought during Euro hours and tanks before the market opens. That has happened before.
I'm gonna snag a few ATM BITO puts just so I wake up and pay attention Tuesday (just another beer money bet). Otherwise I'll just wind up sleeping in, lol. Tuesday will be a day to watch because it will go overbought.
#AMD3 Leveraged 3x Long with American Micro Devices StocksAll the World chipmakers are on the rush this night, due to Nvidia Q1'23 Earnings Report.
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It invests directly in the underlying Advanced Micro Devices, Inc. stock and uses margin (borrowing) to purchase additional shares of Advanced Micro Devices, Inc. stock.
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Key TA Highlights
• LSE:AMD3 trades higher its weekly SMA(52), since middle of the May, 2023
• Technical picture indicates the possibility to further 100 per cent upside price action.
ES UpdateNot overbought yet, looks to me like it fills the gap Tuesday on a pump and dump.
Looks like you'll still get the daily update Tues/Wed because I'm planning on shorting something, maybe shitcoin, lol. Debt deal will be a "sell the news" event next week. Keep in mind all it does is maintain the status quo, it doesn't actually mean anything.
Market does look like it's rolled over a bit because Euro markets are closing but today is 401k Ponzi payday, so possible kick up in the afternoon as fund managers have to buy.
Trends in a Middle Zone; direction undecidedI'm on my laptop working outside on my deck so this will probably be a bit brief. We basically have a flatlined higher high on the 2hr, I've gone short with it, but anything above this and my short positioning will be fizzled out for now. I'm up about $1000 on my 6E trade so I will be quick to cash out for a $4000 profit week and call it.
Trends into today;
Last Macro Trend Signal Spots
30m - 4150 Uptrend (5/24/2023) Lower High
1Hr - 4163 Uptrend (5/25/2023) Lower High
2Hr - 4167 Uptrend (5/26/2023) Higher High
3Hr - 4180 Downtrend (5/23/2023) Higher Low
4Hr - 4159 Downtrend (5/23/2023) Higher Low
6Hr - 4144 Downtrend (5/23/2023) Higher Low
12Hr - 4083 Downtrend (5/4/2023) Higher Low
Daily - 4168 Uptrend (4/13/2023) Higher High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The Long Position;
With momentum beginning to shift back up, any movement above 4167 may be followed with more upside. Additionally any retracement down may be a buy the dip moment.
The Short Position;
I am in what I would consider the last short position at 4167ish. The only other move I see is a strong push below the lower high trend of the 30m at 4147ish today.
Economic Data;
We have PCE, Durable Goods, and Personal Income today. All could cause some movement here soon.
Earnings;
At this point I consider earnings season to be over.
I understand the investment into AI, but overall if investors don't take profit when things are up, what is the point of investing. Looking to see if people take profit soon on the various tech climb.
My sentiment overall is;
Shorter Term - Neutral
Short Term - Neutral
Medium Term - Neutral
Long Term - Bullish/Neutral
Safe trading! Remember your risk management!
ES UpdatePCE numbers came in higher than expected as I predicted but apparently the futures traders don't care, lol. Futures barely touched red and went right back up.
Probably more whipsaw today, a pump on debt deal and then a a dip next week when MFI gets overbought.
Gotta love it when the market pumps bad news.
Spx 🌊Salutations,
At this present moment, I find it challenging to elucidate the precise reasoning as to why the S&P 500 was poised to recede back to the melancholy depths of the pandemic lows.
Nevertheless, I can confidently postulate the resurgence of a risk-on environment in the aftermath.
ideally as we approach the yuletide chill of Christmas Eve at the conclusion of this present year,
I cast my net at $2,100 as the absolute nadir of this grizzly mark-down-phase.
---
Upon a successful breach of this strategic area,
I am further prophesizing a subsequent phoenix-like rise,
elevating us to a commanding $7,777 threshold as we stride valiantly into the year 2030 through a vortex of an ending diagonal.
---
2024 - $2,111
2030 - $7,777
2035 - $12,222
☿
I've Got the Magic, 26 May 2023🖼 Daily Technical Picture 📈
"I've got the magic in me
Every time I touch that track, it turns into gold
Now everybody knows I've got the magic in me
When I hit the floor, the girls come snapping at me
Now everybody wants some crystal magic"
I'm borrowing those song lyrics by The Treblemakers from the Movie: Pitch Perfect.
➤ Equities did indeed gap higher to close the previous days' price gap and magically also closed the gap it created during today's open. Killing two birds (I mean gaps) with one stone.
➤ Nvidia's share price also played with the AI magic trick for a huge price gap of it's own. Will this gap get filled? I'm 💯% sure it will but not in one day.
➤ That being said, that bit of magic helped me out of my long position with a teeny tiny profit leaving behind a small short position. Price is setting up nicely for a Short move. If the price path that I imagine magically comes to fruition it should look something like this: Prices are re-testing the recent high by moving slightly up or down or sideways for a couple of more days prior to the real move lower.
➤ Conclusion: 🐆 I'm looking forward to seeing more magic tricks. 🪄
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
S&P 500, 5/26/23For Friday, 4156.50 can contain session weakness, above which 4209.00 - 4228.00 is attainable intraday and able to contain buying through Q3.
Holding below 4209.00 will keep 4023.00 in reach over the next several weeks, 3852.25 over the next several months, while closing today above 4228.00 indicates 4392.00 within several weeks, 4532.50 within several months.
Downside Friday, breaking/opening below 4156.50 allows 4109.50, possibly 4081.25 intraday, also able to contain session weakness and the level to settle below for yielding 4023.00 by the end of next week.
S&P500 rebounding on the MA50 (1d) but be careful if broken.The S&P500 index is on the first green (1d) candle after an almost test of the MA50 (1d). This level has been holding since March 30th, so consider it a short term buy entry.
The short term pattern is a Megaphone inside a long term Channel Up.
Trading Plan:
1. Buy on the market price.
2. Sell upon a candle closing under the MA50 (1d).
3. Buy at 3980 (the MA200 1d).
Targets:
1. 4250 (Megaphone top).
2. 3980 (the MA200 1d).
3. 4330 (Resistance 2).
Tips:
1. The RSI (1d) has a clear long term Support Zone (39.00- 33.50). If the MA50 (1d) breaks, it can be used as additional confirmation to plan your long term buy entry.
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Notes:
Past trading plan: