[GVI Forex 2]

US500 (SP500) 4 HOUR: Keep an eye on 7700

Bounce off the 7631 low has only gone far enough to put 7700 back as a pivotal level.

For a fresh leg to build off a lower high, 7831 would need to be broken.

Otherwise, it would take a move above 7765 to call this anything more than consolidation

[GVI Forex 2]

US500 (SP500) DAILY: Kewy support on the radar

Retracement followed by a new low puts 7617 on the radar, which needs to hold (use 7600-17) or chart shows a risk for another 100+ pts (7507) on the downside..

Stays defensive as long as trade stays below 7700

[GVI Forex 2]

US500 (SP500) 4 HOUR: Consolidation or retracement?

Lagging an underperforming NAS100 with the bounce back above 7700 cooling the risk but unless 7800+ is regained, it is either consolidation or just a retracement.

[GVI Forex 2]

US500 (SP500) 4 HOUR: How do you spell relief?

Bounce back above 7700 cools the downside risk and provides relief while above it but only puts it into a consolidation or a retracement range unless 7800+ is regained.

[GVI Forex 2]

US500 (SP500) 4HOUR: Bye bye 7800?

Keep an eye on 7800, which has traded 7 days in a row and assume the pattern will be broken on Thursday (bearish signal). Resistance starts at 7732 (on this CFD chart), back above 7776 would be needed to put 7800 back on the map. Otherwise, upside is limited.

[GVI Forex 2]

US500 (SP500) 4HOUR: Picking up the pieces

Picking up the pieces after getting caught leaning the wrong way into CPI.

With the pause again below the record 7845 high, should the break of 7776 support be sustained then it becomes dependent on 7732 holding to prevent down momentum from taking over.

[GVI Forex 2]

US500 (SP500) 1 HOUR: 6 days in a row Consolidating around 7800, which has traded 6 days in a row. Last time this happened Was around 7700 (before a breakout to the upside) but 7800 is a more significant level so stay on guard for a directional move when this pattern breaks. Test may come in the reaction to Wed’s CPI. Wide range 7776-7839/45.

[GVI Forex 2]

US500 (SP500) 4 HOUR: Just a pause?

High below 7845 (high 7836) to be more than just a pause would need to see 7732 broken, with 7776 support ahead of it.

[GVI Forex 2]

US500 (SP500) 4 HOUR: Relief but not out of the woods

Bounce off the 7732 retracement low paused below 7808, above which is needed to break down momentum.

If not, upside is limited so downside risk not out of the woods although limited unless the low is taken out.

[GVI Forex 2]

US500 (SP500) 4 HOUR

Retracement from the record 7845 high (low 7732) now dependent on 7700-07 holding to limit the downside.

On the other side, back above 7800-08 would be needed to negate the risk.

 

[GVI Forex 2]

US500 (SP500) 4 HOUR: Contained so far

Extending retreat from the record 7745 high  (note 3 blue lines) after failing to hold above 7800 but risk to 7700-07 contained if 7750 (on this CFD chart) holds. If not, clear path to 7700-07.

To negate the risk, 7800-08+ would be needed.

 

[GVI Forex 2]

US500 (SP500) 4 HOUR: One day wonder? Was this a one day (new record high) wonder? 2 blue AT lines drawn off the record high indicate potential for at least a pause and shift in risk towards a retracement. Low so far has paused above the 50% level. In any case, 7800 is pivotal…back above it would be needed to cool the risk…while below keeps downside at risk.

[GVI Forex 2]

US500 (SP500) 4 HOUR: Record high

Finally joining NAS100 in the record high party and now needs to establish 7818 as support (on this CFD chart) to confirm a new leg up into uncharted waters. In any case, keeps a bid as long as trade is above 7795-00.

 

 

[GVI Forex 2]

US500 (SP500) 4 HOUR: Record high on the radar?

The break of an 8-day pattern that has seen 7700 print each day sent a bullish signal that now requires a firm break of 7785 (high 7794) and then see it become support to put the record 7818 high on the radar.

On the downside, keeps a bid pointed at 7800 as long as 7750-55 holds as support.

[GVI Forex 2]

US500 (SP500) 4 HOUR: Holding a bid but faces resistance

Trades with a bid while above 7700 but faces resistance at 7755 and 7785 before the record 7818 high would come on the radar.

[GVI Forex 2]

US500 (SP500) 4 HOUR: Still a retracement?

The forex market is not alone in “living to run stops” as US500 set them off following the break of 7650. Subsequent move back above 7650 followed a pause above 7613 (61.8%) and 7608, which gives hope this is still just a retracement.

Looking ahead, 7650 will be pivotal in setting the tone but to negate the risk, 7700, which has traded 7 days in a row, would need to print again on Friday.

[GVI Forex 2]

US500 (SP500) 4 HOUR: 7 days in a row

Unable to shake its focus from 7700, which has now printed for the 7th day in a row This leaves it consolidating between a double top at 7727 (on this CFD chart) and a double bottom at 7650 The onus is on the bull side to hold regain 7700+ and/or hold 7650 to maintain the range and prevent putting 7600 on the radar.

[GVI Forex 2]

US500 (SP500) 4 HOUR: 6 days in a row

Ending the quarter unable to shake a focus from 7700, which traded for the 6th day in a row. Weak close to the quarter, however, puts the risk on the downside where 7650 (tested) needs to hold to  keep 7700 on the radar and thoughts away from 7600. Focus in the days ahead will be whether the weak close is month/quarter end driven nor there is more to it (e.g. weight of firmer bond yields).

[GVI Forex 2]

US500 (SP500) 4 HOUR: Retracement

As noted yesterday, US500 had moved into a retracement mode following the break of 7747 (on this CFD chart).

With 7608 and 7506, look for FIBO levels to act as potential supports.

So far, low at 7650 is just above the 50% level.

[GVI Forex 2]

US500 (SP500) 4 HOUR: Retracement?

While NAS100 briefly and barely set a new record high, US500 paused below 7800 and its record 7818 high. This, along with breaks of 7747 and the trendline have put it in a retracement mode where the best hope for the bull side is that 7700 holds.

[GVI Forex 2]

US500 (SP500) DAILY: Record high looms

For the one way move from 7507 not to disappoint the bulls, it would need to take out 7818 for a new record high.

[GVI Forex 2]

US500 (SP500) 4 HOUR: On the defensive

Trend: Long term up, short term down (retracing)

Momentum: Short-term down

On the defensive with 7604 key support and a potential target (bid void below it) while below 7680-00)

Back above 7880-00 needed to cool the risk.

[GVI Forex 2]

US500 (SP500) 4 HOUR: Retracing but damage not fatal

Trend: Up but retracing          Momentum: Short-term down

Stops run below 7680, as far with limited follow through as this level becomes pivotal in dictating whether momentum can build further. On the downside, as long as trade stays above 7604 damage is not coinsidered fatal. On the upside, back above 7680-00 is needed to cool the threat, back above 7727 to break short-term momentum, above 7747 to reverse..’

[GVI Forex 2]

US500 (SP500) 4 HOUR: Lifeline

Trend: Up but consolidating/retracing

Momentum: Stalled, short-term down

Getting a lifeline from the dip in U.S. bond yields but for risk to shift back to the upside, a solid move above 7740-50 would be needed.

To keep this as consolidation rather than a further retracement, 7680 (low) needs to hold.

[GVI Forex 2]

US500 (SP500) 1 HOUR: Reprieve

Trend: Up but consolidating

Momentum: Trying to rebuild up

Getting a reprieve from the dip in U.S. bond yields but for momentum to build off higher lows (red llines) to the upside, a solid move above 7750 would be needed.

To keep this as consolidation rather than a further retracement, 7680 (low) needs to hold.

(Right click on any image (or chart) to open a full

[GVI Forex 2]

US500 (SP500) 4 HOUR:  Turning defensive

Trend: Up but retracing      Momentum: Stalled

On the defensive and closing (marginally) below 7898 support, a level that needs to trade above to cool a retracement risk and avoid opening a void until 7604

[GVI Forex 2]

US500 (SP500) 4 HOUR:  Key level cited

Trend: Up                       Momentum: Stalled

Chart is clear… 7698 needs to hold or face a void to 7604.

If 7698 holds, then keeps a bid as it consolidates

[GVI Forex 2]

US500 (SP500) 4 HOUR:  Consolidation rather than. retracement?

Trend: Up

Momentum: Consolidating?

Failure to establish 7800= puts US500 on the defensive and dependent on 7716-36 holding to prevent 7698, the level bulls do not want to see broken, come on the radar.

Otherwise, let’s call it consolidation rather than retracement with a limited upside if trade is between 7700-7800.

[GVI Forex 2]

US500 (SP500) 1 HOUR: Battle for 7800

Trend: Up

Momentum: Up but consolidating

Consolidating with a lower top in a battle to establish 7800

7775 is the bottom of the local range (just nicked) while 7757 is the level that needs to hold to keep focus pointed at 7800.

[GVI Forex 2]

US500 (SP500) 4 HOUR: At the mercy of a summer Friday

Trend: Major Up

Momentum: UP

At the mercy of summer Friday end to the week trading with some disappointment 7800+ was not sustained.

To keep the focus on 7800, the 1 hour trendline, 7777 and/or former triple top at 7773 need to hold.

7757 needs to hold below it to keep current momentum pointed up and avoid a squeeze on longs.