ES S&P Futures Levels and IdeaTodays daily candle was teetering between +/-
We ended closing - but its a very weak close from bear
my plan today was if we close - like this i would long targeting new weekly highs
if we close weak + (weak bull) i would have looked to short the close.
based off probabilties bears seem like they are losing steam and markets seem to be
favoring longs. There fore im positioned long atm if we start closing hourly candles
below 4550-60 ill be reconsidering this plan. Above you can find my levels with my scenarios
if we can maintain staying above 50-60 i could see us getting to much much higher levels.
if we start failing i could see us going to bottom/ bottom quarter of the range.
Goal for now is getting and sustaining above daily open which is aprx 4586 if we can close above yesterdays highs 86 will become demand for future we close below it will be supply
NFA Educational Purposes Only
SPDR S&P 500 ETF (SPY)
The S&P 500 Starts To Bounce? Support & Resistance MappedThe S&P 500 (SPX) is now starting to bounce.
The sellers are exhausted according to the indicators and we are seeing a strong jump taking place today.
We have more details on the chart above.
We believe that prices can bounce before producing one final strong drop, but it all depends on how these support and resistance levels are handled, we remain open to all scenarios.
If prices move up and stay above the "resistance zone", the bulls take control, but if they move lower, the "support zone" can be tested.
If prices for the SPX manages to go below the "support zone", then we can expect more red and lower targets as shown in my previous long-term weekly analysis.
If support holds, we can expect prices to move back up.
You can find my previous weekly analysis here: www.tradingview.com
Thanks a lot for reading...
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Namaste.
S&P 500 Alternate count (Downside view) September onwardsPreviously I was considering only a bullish count in which the Wave 4 was completed but here I have analyzed an alternate count in which I have discussed the downside possibility.
Which count will play out will soon become clear but if the downside plays out then we can see targets around the 1800 mark.
To be more precise the expected targets are -
Target 1 : 1990
Target 2 : 1865
Target 3 : 1788