[GVI Forex 2]

US500 (SP500) 4 HOUR

Similar to others: Outside day. Failed breakout and retreat after target hit at 6006. Potential to turn bearish or at least a stall..

Momentum: Clinging to trendline to keep it pointed up

Otherwise: 5950 is pivotal

Needs above it to keep 6000+ on the radar

Below it risk is for 5900 or below

US500 (SP500) 4 HOUR CHART

[GVI Forex 2]

US500 (SP500)

Stocks getting some relief from XI and Trump call posts

Held the Power of 50 level (5950)

Now would need to get through 5990 to put 6006 back on the radar.

US500 (SP500) 15 MINUTE CHART

[GVI Forex 2]

US500 (SP500)

Here is where ther6006 resistance came from…  on an AT Daily Chart

US500 (SP500) DAILY CHART

[GVI Forex 2]

US500 (SP500

Spike on Trump-XI call headline paused dead on at 6006 resistance

Now dependent on 5950-60 holding to prevent a shift in risk to 5900

US500 (SP500) 1 HOUR CHART

[GVI Forex 2]

US500 (SP500)

Momentum: UP but struggling

Needs to move through tough 5995-6006 or risk a stall if not taken out..

Keeps a bid while above 5950-66, below it would put 5900 back on the radar

US500 (SP500) 4 HOUR CHART

[GVI Forex 2]

US500 (SP500) 1 HOUR

So far absorbing two body blows from weaker US data

Momentum: UP but..

Needs to move through tough  5995-6006 resistance to build momentum further.

Keeps a bid while above 5959-66, below it would put 5900-60 back on the radar.

US500 (SP500) 1 HOUR CHART

[GVI Forex 2]

US500 (SP500) 1 HOUR

Momentum: UP

Keeps a bid if 5945 becomes support.

Break of 5945 puts a potentially tough 5995=6005 zone on the radar.

A move above 6005 would put the record 6140 back in play

However, anything other than a firm 6000+ break would leave it in the current range.

US500 (SP500) 1 HOUR CHART

 

[GVI Forex 2]

US500 (SP500) 

Momentum: Mixed

Higher low (i.e. red line) followed by a break of 5945 needed to turn 1 hour chart into an uptrend

Below 5900 needed to turn it into a downtrend

Otherwise 5900-5945/50 until either side is broken.

US500 (SP500) 1 HOUR CHART

[GVI Forex 2]

US500 (SP500)

Showing resilience after holding off a RUN AT 5800.

However, to make this more than consolidation 6000+ would be needed.

US500  (SP500) 4 HOUR CHART

[michael Calif]

SP500 / Nasdaq:  Time sequence HIGHS were set mid-May; prices will move sideways to lower into August

[GVI Forex 2]

US500 (SP500)

A red flag?.

What is glaring is the failure to test 6000 (high 5995)

Shifts risk to the downside where 5850-80 needs to hold as support to contain it.

US500 4 Hour Chart

[GVI Forex 2]

US500 (SP500)

5940 double top indicates risk that high may be in or at least a pause.

For this to be more than a pause, 5850 would need to be taken out.

Note: Nvidia earnings gave stocks a late blip up.

US500 One Hour Chart

[GVI Forex 2]

US500 (SP500)

Ran into 5940 resistance (cited here yesterday), which has potential to be a top or at least a pause

To confirm a pause, 5900-06 would need to be taken out.

For this to be more than a pause, 5850 would need to be taken out as well.

US500 One Hour Chart

[GVI Forex 2]

US500

Now that US500 5900+ has traded, this becomes the pivotal level

On the upside, it faces a tough resistance band at 5940-5957-5975 (key level) ahead of 6000-10

On the downside, keeps a strong bid while above 5900 with support as long as 5850+.trades.

US500 (SP500) 4 HOUR CHART

 

[GVI Forex 2]

US500 (SP500) 4 HOUR – What AT is showing

Once again, it’s the reaction to news that matters

1) Trump flip flop on EU tariff deadline, 2) CB consumer confidence beat today

5900 the current obstacle… then 5940-67-75 stand in the way of 6000

Keeps a bid while above 5850

AT = The Amazing Trader

Get your 30 day trial by clicking on the Amazing Trader link un the menu bar at the top of this page)

[GVI Forex 2]

US500 (SP500) 4 HOUR – What AT is showing

Getting a reprieve with the bounce back above the pivotal 5800 level BUT…

… only back above 5879 would negate the downside risk.

AT = The Amazing Trader

Get your 30 day trial by clicking on the Amazing Trader link un the menu bar at the top of this page)

[GVI Forex 2]

US500 (SP500) 4 HOUR – What AT is showing

Held just below the top of 5786-5816 support to contain the downside BUT…

Only a move back above 5939 would negate the risk.

This leaves room to trade but hard to see follow through unless 5939 is taken out.

 

[GVI Forex 2]

US500 (SP500) 4 HOUR – What AT is showing

The AT ladder strategy says when there are 3 lines (in this case blue) it often indicates the risk of an acceleration in the direction of the lines (in this case down).

This has seen 5875 broken, which confirms the end of the latest leg up.

While below 5875, then 5847 (briefly broken so far) and 5796-5816 are targeted. Note there is still a lingering opening week gap below 5786.

AT = The Amazing Trader

Get your 30 day trial by clicking on the Amazing Trader link un the menu bar at the top of this page)

[GVI Forex 2]

What’s Hot and What’s Not?

What’s Hot

Any currency but the dollar

Gold extending recovery

What’s Not

USD down

US bonds down = yields up

Stocks down except for NASDAQ up, SP500 trying to rebound)

[GVI Forex 2]

US500 (SP500)4 HOUR CHART –    What AT is saying

Watch the range: 5875-5975

Failure to test 6000 risks the upside stalling.

If 5975 holds as the high, risk is for 5875.

If 5875  holds, risk stays on the upside BUT.

If 5875 fails to hold, momentum shifts the other way (i.e. to the downside)._.

[GVI Forex 2]

US500 (SP500)4 HOUR CHART –    What AT is saying

What a way to start the week!

Impressive rebound after Moodys downgrade drop but needs to establish 5950-58+ for a run at the key 6005 level… Monday’s high 5970.

Support 5875…upside risk while above it..

[GVI Forex 2]

US500 (SP500)4 HOUR CHART –    What AT is saying

Extending high marginally and now has a support on dips as loong As it trades above 5847.

To make a run at 6005, 5900-07 would need to be3come support.

[GVI Forex 2]

US500 (SP500) DAILY – What AT is showing

US500 looks tired and needs a breather after trying for the past 24+ hours to get and stay above 5900.

Should it roll over, key support is at 5815… keeps a bid while above it.

[GVI Forex 2]

US500 (SP500) DAILY – What AT is showing

Uptrend trying to build momentum for a run at 6005

With no nearby key support, look for 5900 to dictate whether a run at 6000 is in the cards.

In any case, only below 5785-5815 would negate the upside risk.

AT = The Amazing Trader

Get your 30 day trial by clicking on the Amazing Trader link in the menu bar at the top of this page)

[GVI Forex 2]

US bond yields up (10 yr 4.49%)

USD down

SP500 up

NAS up

DJIA down

[GVI Forex 2]

USD500 (SP500) — What is AT showing?

Uptrend

Trying to build momentum for a run at 6000… whether it can get there without more news is a coin flip

In any case, finds support as long as it trades above 5785-5815

 

[GVI Forex 2]

USD500 (SP500) — What is AT showing?

Move above 5727 confirms end of downtrend and above 5787 confirms an uptrend, one that faces a tough zone between 5800-6000

To make a run at 6000, 5787 would need to become support.

In any case, 5800-6000 has potential to be a tough zone.

 

[GVI Forex 2]

US500 – (SP500) 15 Minute CHART – What is AT showing?

Would need to break 5846 or high is in for today.

Keeps a bid as long as 5794 holds as support.

Consolidation while within 5794-5846… below 5794 iis 4787 (level cited earlier)

(AT = The Amazing Trader charting algo…

… get your 30 day trial by clicking on the Amazing Trader link in the menu bar at the top of this page)

 

[GVI Forex 2]

US500 (SP500) HOUR CHART – What is AT showing?

Classic case of the reaction to news being more important than the news itself

Given the pace of the move and the gap it is hard to say anything other than the uptrend would be confirmed on a close above 5787 but faces tough resistance starting around 6000.

Support zone is now 5727-5787

(AT = The Amazing Trader charting algo…

… get your 30 day trial by clicking on the Amazing Trader link in the menu bar at the top of this page)

[GVI Forex 2]

US500 – SP500 4 HOUR CHART -What is AT showing

Jury is still out after failing to hold 5700 following the bounce off the 5575 double bottom. and pausing below 5727

Limit on the downside (support on dips) while above 5575.