SPX Look Ahead for week starting 12/01/19

2 gru 2019

The S&P 500 is in long-term Bull Market with price trading above the 50 and 200 and 800 week emas. The 50 week ema is currently up trending, but price is coming up against a long-term trend line, so expect a correction with in the ongoing Bull Market back to the 30 or 50 emas, or the lower uptrend line. Price is also correcting from extending beyond the upper Bollinger Band, which means we should expect a return to the mean at the least.

The Market is in a Long-Term Bull Market on the daily, with the 50 ema above the 200 ema and 800 ema. Price has bounced off a long-term trend line and is trading side ways in a consolidation coming out of the Holidays. Currently, the pattern is inconclusive, in that we haven’t seen a peak formation. Monday and Tuesday will be interesting as to whether we see a top form or a continuation pattern implying prices will jam up even higher. I could make a case for either possibility.

The Market is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. The market formed an evening star pattern at the end of last week, which is a warning of a top. The Asia session Sunday night is running up to the highs, probably stop hunting, and last week was certainly 5 waves up. So we need to watch the first couple days this week to see if a continuation pattern gets put in, or more likely a consolidation pattern in which a long term peak gets put in. This market is desperate for a correction in order to digest the gains…

This is my SPX 500 look ahead for my own trading purposes. FUTURES trading involves risk. Feel free to comment, but trade off of this post at your own peril.

7 gru 2019

Zlecenie aktywne

Last week we had a sell-off based on China saying that we are pretty far from a trade deal, and then Trump saying he would just as well wait until after the election next to make a deal. The sell-off culminated in a hammer, after putting in three waves down in a zig-zag. Then price leaked back up to the prior highs for the rest of the week, regardless of any improvement in the trade war status. Therefore, price moving up isn't a function of the trade war. Price is moving up because the FED is pumping money into the system. Price really didn't move down enough for anything representing an adequate correction. That's not good...