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Search Results
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US00 (SP500) 4 HOUR: Retracement or is the low in?
Bounce from 7295 tust took out the 38.2% retracement at 7456. Near-term upside momentum holds above the red line at 7348 with a strong bid while above 7441. but only a break above the blue line at 7717 would fully confirm the bottom is in.
Support — 7441, 7348, 7325, 7295
Resistance — 7500–7506 (50%), 7556 (61.8%), 7600–7605, 7717
US500 (SP500) 4 HOUR (CFD): Encouraging sign?
The pause just above key daily support (cited here yesterday) at 7292 plus a higher low (2 red lines) are encouraging signs but it would take a move above 7505 to negate the breakdown and raise talk the low is in.
Otherwise, it is either consolidation or retracement as long as the low stays at 7295..
US500 (SP500) DAILY (CFD): Meltdown
Meltdown may be an understatement with the solid move below 7500 and the former 7461 low opening a black hole. Rather than guess at the bottom, I will just point out key supports at 7292 (daily) and 7227 (weekly). Upside will be limited unless 7460-7500 is regained.
US500 (SP500) 4 HOUR (CFD): Reversal or not?
Having more than completed a 61.9% retracement (7717 high vs. 7698 FIBO), the question is whether it signals a reversal of or just a correction that has broken momentum to the downside. While the jury is out, I would like to see the NAS100 confirm before jumping to conclusions. In any case, 7700 is likely pivotal with 7664 (former resistance) needing to hold to keep a bid.
US500 (SP500) 4 HOUR (CFD): Outside day
US midterm whipsaw has broken momentum to the downside and taken out 7664 (confirms the low is in). Next is 7700, (around a 61.8% FIBO). tested and which needs a firm break to make this more than a retracement.
On the downside, needs to hold above 7664 for a strong bid
US500 (SP500) 4 HOUR: 5 days in a row
Some hope for the bulls with a higher low that would need to take out 7765, currently protected by 7727, to break momentum and shift the focus from 7700 (printed 5 days in a row).
Otherwise, consolidating in wide range 7631-7765 where the pattern around 7700 bears watching.
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.
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.
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.
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.
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.
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).
