S&P500 / SPY up for a good bounce
Here is what I see and why I think the S&P500 is due for a good bounce...
From the weekly chart,
1. The candlestick pattern is a rather bullish one. The candlestick itself from last week is beautifully bullish.
2. Last week's candle bounced off a very critical meeting point - 23EMA, trend line retest, a higher low, and a possible pivot of a triangle.
3. The VolDiv has crossed over. MACD did so too, and moderated a bit, so now waiting for more upside to pushing the alignment.
4. TIP, TLT, JNK leading indicators are also indicative of bullish upside.
5. USD is looking precarious to tip over and retrace. This bodes well for bullish upside.
One more condition needed... to close the weekly candle gap, and close the week decisively above 410.
One caveat is that a sudden turn of events, which at this point is not likely IMHO. Perhaps from May 2023...
all the best!
From the weekly chart,
1. The candlestick pattern is a rather bullish one. The candlestick itself from last week is beautifully bullish.
2. Last week's candle bounced off a very critical meeting point - 23EMA, trend line retest, a higher low, and a possible pivot of a triangle.
3. The VolDiv has crossed over. MACD did so too, and moderated a bit, so now waiting for more upside to pushing the alignment.
4. TIP, TLT, JNK leading indicators are also indicative of bullish upside.
5. USD is looking precarious to tip over and retrace. This bodes well for bullish upside.
One more condition needed... to close the weekly candle gap, and close the week decisively above 410.
One caveat is that a sudden turn of events, which at this point is not likely IMHO. Perhaps from May 2023...
all the best!
Downdraft given the nice long bearish engulfing candlestick, and observe if this is going to be the avalanche trigger... it just prevented itself as a likely avalanche trigger.