11102023 - #SPX
I was bullish yesterday (tradingview.com/chart/SPX500USD/cUUewaeh-10102023-SPX/) without doubt; but the question was, if market is going to give a dip first. But when US session opened, when price was much sideways, I said in the group, bias is to the upside. I also called the move up at 945am EST and we got a 50points rally! At 1145am EST I said short NDX on resistance and that was the top as SPX also collapsed. My target for SPX was 4396 as shared yesterday but as NDX hit the resistance and stalled, I flipped short.
Anyway, I also said to be careful when price approached 4360 resistance but price is accepted above it and we got the next move up. Now price is back to this level, which would act as support.
Of course, the question would be, if the sell down yesterday was a top. That is of course a possibility but IMO it is not as price action on daily does not point to anything bearish and also price is above the zones. I do note that we have US PPI today which could move the market but overall we are bullish till it is not.
I will not be surprised if market just chop till US PPI where the real move come. Regardless 4428 is, to me a possible magnet for now; thus looking for price to hold PZ for a move higher.
Anyway, I also said to be careful when price approached 4360 resistance but price is accepted above it and we got the next move up. Now price is back to this level, which would act as support.
Of course, the question would be, if the sell down yesterday was a top. That is of course a possibility but IMO it is not as price action on daily does not point to anything bearish and also price is above the zones. I do note that we have US PPI today which could move the market but overall we are bullish till it is not.
I will not be surprised if market just chop till US PPI where the real move come. Regardless 4428 is, to me a possible magnet for now; thus looking for price to hold PZ for a move higher.
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