On daily charts 25 day ROC of SPX has entered into negative territory. Which indicates that momentum in the short term is weak which will drag SPX down. My Take - At this point it is very dangerous to carry long positions in the market as much waited correction is highly probable.
Second week of weakness for the US index. Looking as the first two lines of support coincide with the Fibonacci retracements. Do not open long positions if not in the presence of a reversing candle. If you have a short position open before watching the area in 2280 and then 2200. Good luck
The move in S&P500 has gone parabolic & has started moving in gaps in the last 4 days. Such moves generally follow with sharp market correction.
The S&P 500 index is trading in a range of 2279.12 - 2248. Looks like it can go either way.
Two big events lined up in Dec (Fed rate hike) & Jan (US election results). Huge volatility is expected going forward. With Global Equities near their ATH's, large players would like to book profits & hedge their long positions which implies negative view on global equities in the coming months. Sell on rallies is already going on for last two months. If crucial...
Reason : Continuation of second leg as shown with arrow (first leg~measured move). Timeframe : Within a week
S&P 500 has broken trendline support on weekly chart. Monday will be crucial to know in which direction it is going..till then it is wait and watch
Previously 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 :...
bearish view but eye on consumer data later 2day.. any spike test upper resist line..