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Attention! Signs That Our Pullback Is Over.Traders, Previously, you know that I had anticipated that our pullback might last a bit longer through May. However, today the charts are showing me that this might not be the case. Let's start with the SPY. Originally, I had predicted a touch of the bottom of the RED channel. Then, based upon my analysis of the dollar, VIX, precious metals, and mega-corp stocks, I thought that it might be possible for SPY to even enter into the orangish-yellow area. Today, the SPY has popped back above the RED channel and is now doing battle with our 50 Day SMA. This is a bullish indicator for sure. If we can beat the 50 day by CoB today, we'll have a fairly good indicator that our pullback may be over. We'll need more indicators to agree of course, but this is a good start. The VIX agrees rn, as it has broken below support and fear continues to drop. The dollar also agrees. Previously, I had anticipated a touch of that 107 level. Nope. The dollar has decided to break down and out of our bearish megaphone pattern early. We knew it was going to happen soon and so we were prepared. I am happy to report the news because with the dollar down and the VIX down you all know what this usually indicates for stocks right? UP. ...And our blow-off top continues into the election months as expected. Then a crash. Of course, we'll need a confirmation candle on the daily for all of the above. If we get that, on we go. Watch all of these today and on Monday into next week. Monday (and next week) will be key as those days will give us the confirmation candle that we need, especially for the VIX and DXY. If they don't continue to break down, that will be our first warning that this was all a big head fake and we'll still have further pullback to weather out. This all influences crypto. That is why it is necessary to track. As always, I'll keep you up to date on these developments.
TVC:VIXLong
by stewdamus
Combined US indexes suggest a cotinued over-extensionThe Combined US indexes are clearly in bearish divergence, as previously described. However, it appears that there is a thin underlying technical and funding support to push this index(es) into the Fibonacci target over the next couple of weeks till the end of April. A trajectory of the expected retrace to run scenario is drawn in light yellow, to the upside target where the green ellipse is. Watch for breakdowns below supports and no recovery. Otherwise, this looks unbelievable, but it is a sucker's rally really. Tread and trade with caution...
CME_MINI:ES1!Long
by Auguraltrader
S&P-500 E-Mini: Full Fibonacci SchematicsThis is a completely full and completed schematic of CME's E-mini S&P 500 Contract. This contract started in 1997 so there are decades of data not accounted for on the real chart. However, these are just as viable and important as the Standard & Poors 500 Indice. Let us take a look at the separate (chronological) boxes and understand what they are... #1 is VERY IMPORTANT as this has the first pair of Fib Spikes for ES1 which are the red and white lines coming across the chart. ALSO, we see an extension from the COVID low ( YELLOW ) and this extension exactly determined the high at 4800 and the approximate bottom. #1 and #3 also have two up schematics in RED originating from the local low from 3500. These are VERY IMPORTANT SCHEMATICS IN 1 and 3. #2 and #4 are the first two pairs of Fibonacci Extensions for ES1. In both, we have fib forks. In #4 there are 2 of the forks. ( yellow and white ) #3, #5, #6, and #7 are the start of the next structured schematic. #3 contains the second set of fib forks for ES1. 5, 6, and 7 are all from the same structure but have completely different schematics. #7 Contains a very important schematic of Fib Forks stemming from the inception of ES1. (YELLOW) #8 is a formation from the COVID lows of 2020. We see the third set of Fib Spikes/Forks on ES1 here and also a Fib Schematic too. One piece of the schematic is in #1 in YELLOW and is a very important extension. It belongs in #8 but I have it in #1 because it has shown its utility.
CME_MINI:ES1!Long
by MichaelBsul
3
sharp fall is expected in global marketI analyzed s&P500 index today but it includes all of global markets. dollar index's power is gaining strongly. Biden's economic strategy with china seems not working well and USA and China's bond are too tight since 2008 financial crisis. the second possible Lehman brother's crash is on the way. I don't know which banks will lead the crash but this time it will be wider and wild. MACD is getting weaker and Russia's sharpy raising interest 350bp hikes is also the issue. The too much unsolved disasters are on the way which is not good for all traders. Higher high, the Lower low.
TVC:SPXShort
by illuminating_trade
10
ES 4H Analysis ES experienced a remarkable surge in the past week. However, we've returned to the crucial breakout and retest range of 4400-4430. For the rally to persist, it would be ideal for ES to have a moderate retracement and maintain demand in the vicinity of 4325-4340. While the price might continue its upward trajectory without a pullback, a measured retracement would be a positive sign. It's essential to remember that we remain in a declining channel and are approaching a vital zone characterized by the breakout, retest, and trendline resistance. Anticipate inconsistent and sluggish price movements (cooling period) before either a continuation or a reversal. Key levels to monitor: Resistance: 4400-4430 Support: 4325-4340
CME_MINI:ES1!
by AmpedTrading
Combined US Indexes Bounced UP!Heads up that there is a significant development in the market structure, as observed by the last two weeks of activity. Previous week, the weekly candle broke down two support lines, and closed well below. In addition, there was support from the TD Sequential counts for a downward momentum. This was also corroborated by the MACD and the VolDiv. However, despite the technical indications, the market movement was totally opposite that started with a gap up, and ended with strong upside momentum. There are two very clear indications of a trend change: 1. The opposing candlestick is large and closed above the last six close; and 2. The TD Sequential reversed and started the opposing Setup. Taken together, this are the first indications of a real trend change. Next, this would need to follow through, and break above the trendline, and then the marked resistance.
CME_MINI:ES1!Long
by Auguraltrader
1
Dxy Dropped. VIX Dropped. You Know What That Means?Traders, SPY has bounced exactly as the charts had shown us it would do. I will briefly discuss what we can expect now in the weeks ahead as we continue our move towards the target of our blowoff top. We will also look at a few of my short plays. I will discuss what I was thinking in entering and what I expect now. I was stopped out of the NVDA play and will update my spreadsheet soon! BTC and SOL shorts are still on and SOL is well into profit. Stewdamus
INDEX:BTCUSDLong
by stewdamus
3
SPY 410 Target Now ConfirmedTraders, A couple of weeks ago you'll remember I expected a bounce off of our 200 day SMA which coincides with the bottom of my channel, making a strong area of confluence and support. But I wasn't sure if that was the end of our drop? Turns out, after testing the underside of our neckline for a patent classic retest, we have now broken below the 200 day SMA and channel. Tomorrow will provide confirmation. As of now, I will say that our $410 target down is certainly in play. And look how it coincides with the RSI! We should hit 410 right about the time the RSI is also finding its support on our long-trending touch and go. Best, Stew
AMEX:SPYShort
by stewdamus
Combined US Indexes BROKE DOWNThe last week proved to be the straw that broke an important support level, to close the week at a recent low. This is very significant as it is the first indication of downward momentum, having bounced off the same support three prior weeks. MACD appears to be deteriorating again in the past week, and the VolDiv is definitely not improving. What this is projecting is that there is more downside to follow, and if it breaks the next support levels, there would be a strong downward wave as technicals would have aligned by then. Heads up... likely going down further...
CME_MINI:ES1!Short
by Auguraltrader
Combined US Indexes slammed furtherPreviously mentioned that the supports are being broken. It gave way after an expected bounce. The dip that followed came with confirmation technical signals as well as a lower low… suggesting that there is downward momentum still. Saving grace lies with a pullback rally to end the previous week just above the support line. However, this appears to be futile, with shallow bullish bounces expected, and a close below the major support line. Thing is this… there should be a close below the line and it needs to hold below for another three weeks to firm up more downside. But a rally back up above that critical support (then turned resistance) would be a good bullish rally to look for, albeit later in the year end/beginning. Next four weeks should see at least two weekly closes below support. In line and in support of this indication, TIPS and TLT, with JNK have led the markets by pushing further new lows of late. Heads up.
CME_MINI:ES1!
by Auguraltrader
1
Combined US Indexes bounce!Just noted that the combined equity index chart showed an interesting bullish setup. The downtrend has been a little stronger than (probably) warranted, and now a sign is showing a probably bounce off a support level. Support broke and the next day rebounded to recover. This formed the bullish Piercing Line Pattern and it reclaimed the support that was broken only the previous day. Technical indicators are showing bullish divergence in alignment as well (green arrows). Looks like time for a rebound. What happens next depends on how robust this bounce is, and if it forms a higher low, or just reverses to breakdown further again. Heads up!
CME_MINI:ES1!
by Auguraltrader
H&S on SPY active. Will $410 target be hit?Traders, A strong dollar (11 weeks straight of green candles) and an elevated VIX has helped to trigger a break of this H&S neckline on the SPY chart. The pattern is now playing out but we are on support on the RSI chart where we can usually expect a bounce. Additionally, we have strong support at the 200 day ma just below us. Our target on this H&S is 410. The big question is will we reach that target or will the bottom of my channel which coincides with the 200 day ma catch us before falling that far? Best, Stew
AMEX:SPYShort
by stewdamus
Will this H&S on the SPY play out?Traders, In yesterday's post, I hinted at the fact that it looks as though SPY's upward trend, irrational as it may seem, will continue, fulfilling my blow-off top thesis. I still believe this to be true. However, along the way up, there will be obvious pullbacks. We now have what looks to be a completed H&S pattern formed on SPY. Currently, we are testing this neckline support. Need confirmation to know whether it will be a break or not. Tomorrow we should find out. Till then, I am watching this along with the DXY (dollar) closely. If the dollar breaks its overhear resistance, we'll also have our answer here. This head and shoulders pattern on the SPY should then continue to play out. Watch both of these indicators closely to find more clues on further price direction in U.S. stocks and crypto. Until the next update, best on all of your trades! Stew
AMEX:SPY
by stewdamus