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US500 (SP500) 4 HOUR: Record high on thge radar
Trend: Major Up Momentum: UP
Move above 7773 (triple top) puts the record 7793 high on the radar with 7800 looming above it as risk (up) follows US bond yields (lower). In any case, keeps a bid while above 7773, stronger if 7794 is broken and becomes support.
US500 (SP500) 4 HOUR: Taking a breather or out of steam?
Trend: Major Up
Momentum: Consolidating
How markets close Wednesday, more than the initial reaction to US July CPI, will give a clue whether this is still consolidation, a retracement or time for a fresh push higher.
Taking a broad look shows wide range at 7600-7800 with 7700 as the bias setting midpoint.
If above 7700, then keeps a bid in consolidation.
If below 7700, then retracement.
If above 7800, then no longer a breather and a new record high.
US500 (SP500) 4 HOUR: Taking a breather or out of steam
Trend: Major Up
Momentum: Consolidating
Barring a sharp fall, the 4-hour trendline seems destined to be broken with sideways trading.
As noted, currently consolidating with a bid while above the midpoint (i.e. 7700) of a 7600-7800 range. Below 7700 would suggest a move out of steam.
US500 (SP500) 4 HOUR: Range time?
While calling for a top in US stocks has eventually turned out to be a losing bet, the one way move in US500, at a minimum, argues for a pause, at least as long as 7800 caps the upside. If this proves to be the case, then charts show a 7600-7800 range where 7700 could be pivotal in setting the trading tone. Moves on the dsownsisde should be treated as retracements, at least as long as the trendline holds.
US500 (SP500) 4 HOUR: Runaway train hits a speed bump
The runaway train hit a speed bump after the stall below the 7800 level cited here as a potential target/pause level.
With key levels still far away, it would take a move below the former 7624 high to negate the breakout. This suggests treating any decent dip as a retracement but unlike the past few days, no stops to run on the upside unless the new record high (7794) is taken out.
US500 (SP500) 4 HOUR: Bulls tasted and swallowed it whole
I noted yesterday , with the record high at 7624 so close bulls can taste a breakout. If so, then 7624 would need to become support to open the door to 7650 with potential for 7800 but didn’t think it would come on the radar in one day.
So now what? Too far, too fast or full steam ahead?
On the upside, 7800 looks inviting but is one of those pivotal round numbers that could cause a pause. In any case, expect support on any deep dips barring any surprise headlines
US500 (SP500) DAILY : Bulls can taste it With the record high at 7624 so close bulls can taste a breakout. If so, then 7624 would need to become support to open the door to 7650 with potential for 7800. If not, it would be a disappointment but not deter the risk as long as trade is above 7490-7510. Minor supports 7470-90 and 7525.
US500 (SP500) DAILY: Mission accomplished
As pointed out, a break of 7374 opened the door for 7300, which was briefly broken yesterday without much follow through (low 7292)
On the upside, back above 7374 cools the risk but to say mission accomplished (i.e. low is in) and fully negate the downside it would take a break above 7490.
US500 (SP500) 4 HOUR: Support holds but risk remains
With repeated attempts to test the 7375 lows stalling it would take a move above 7491 (and 7500) to negate the risk,
Otherwise, risk stays on the downside but contained unless the low is taken out. Shoud 7375 be firmly taken out, little on charts until 7300.
