S&P 500 IndexUpdated the weekly preview - SPX USOIL TLT GOLD BTC ATOM MJs
All in the video. While a pullback is likely, with the FOMC on Wednesday, a further rally to 4200+ is still likely coming. The 4 hr rsi was the problem last week for bears and I do believe they will try to push it to extremes yet again. Both Gold and Bonds look they want to go further after a small pullback. BTC also looks like any pullback will be bought with 32k as the goal. Aton had a breakout, dips will likely be bought and the MJ sector is POSSIBLY getting ready for a larger move up with the safe banking idea taking root - finally.
good luck!
good luck!
Note
one more high could happen this morning, but then I think we'll get a pullback into fomc wednesday. Note
higher high reached, looking for a pullback soon. Note
spy divided by qqq - this chart is at support with very low rsi on large time frames. To me the chances of tech losing more to spy for the rest of this year is very possible. AAPL earnings thursday Note
getting a little pullback, I expect spy to find support around 413 before the net move up. Note
by tomorrow the small time frames may already be oversold, as is typical in this uptrend. Caution on shorts if the selling continues into Wednesday, it's probably gonna bounce higher with Powell. Note
qqq filled a long time gap today and reversed with triple daily bear divergence.I'm not sure if it will make another high even if SPY does. Note
shooting star on daily candle of SPY, doesn't mean much yet. Note
hourly on futures already getting pretty oversold. Support near 4140 and if it even gets there, the hourly rsi will be on the floor. Note
watching spy 413 area for support Note
close to support on spy, i expect at least a bounce Note
lost it - any test of trendline is an objective short Note
next support on spx cash is 4120 area, it was strong resistance so let's see if it's support. Hourly rsi is quite low already. Note
NDX with triple bearish daily divergence. This could weaken quickly if the top is in (not sure yet). Note
tlry and msos both positive today, watching the MJ stocks closely for a pop on newsNote
rsi still looks like it needs to be reset higher, after any downmove I expect a rally.... Note
if we do sell off with the announcement, there is structural support near 4110 tradingview.com/x/IV2vBSop/. At this point I do think we'll go higher regardless of any sell off.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.