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US500 (SP500) UPDATE
- Getting a late reprieve after President Trump extended the deadline to attack Iran power plants for 10 days.
- This postpones but does not negate the threat to the 6435 low. For that to happen, 6575, the key level posted here earlier that held dead on (and see what happened afterward), would need to be broken.
- In the meantime, 6500 should be pivotal in setting the trading tone.
- Range on this chart 6435/70 -6540/75
US500 1 HOUR CHART
US500 (SP500) UPDATE
- Inconclusive day with upside attempt stymied by an uptick in oil. With headline risk  likely to build into the weekenmd,, it is not surprising to see sideways trading.
- On this chart, 6525-6656 guards key levels outside of it.
- Onus on the bull side to firmly establish 6600+ to avoid a fresh run at 6500 and below.
US500 1 HOUR CHART
US500 (SP500) UPDATE
- It’s hard to suggest follow through in a market that reacts to whatever headline comes out last.
- With that said, for the upside to gain traction, 6697 needs to be broken.
- For the low at 6435 to come back op the radar, 6500-25 would need to be broken.
- This suggests a 6500-6700 range where 6600 is considered neutral.
US500 4 HOUR CHART
US500 (SP500) UPDATE
- Trading within the 6500-6600 no man’s land range where follow through is proving difficult in a headline driven market.
- Onus is on the bull side to hold above 6500 and then at least solidly regain 6600 to prevent the 6435 low coming back on the radar.
- Broad range 6435-6697
US500 4 HOUR CHART
US500 (SP500) UPDATE
- For the strong bounce off 6435 (high 6697) to be more than a relief rally, a firm move above 6697 and 6761 would be needed.
- No obvious supports given the straight line up so expect 6500-6600 to act like a no man’s land, needing to hold above the bottom end to contain the downside.
US500 4 HOUR CHART
US500 (SP500) UPDATE
- Momentum shifting to the upside but failure to hold above 6733 and running into a wall at 6756 has so far checked the upside and prevented a move back to 6800 and neutrality..
- To keep short-term momentum pointed up, the trendline + 6650 need to hold below it although it will trade with a better bid if it stays above 6700.
US500 4 HOUR CHART
US500 (SP500) UPDATE
- One clue is risk mood seems more sensitive today to a dip in crude oil off the high than the bounce overnight.
- The move above 6733 breaks down momentum and exposes 6756, the obstacle to 6800+.
- Look for a bid under the market as long as 6700+ trades, stronger if 6733 becomes support.
US500 4 HOUR CHART
US500 (SP500) UPDATE
- Bounced right off 6636 (Amazing Trader algo chart) to keep the key 6580 low intact
- This cools the downside by maintaining the broad range but would need to break 6756 to negate the risk and shift focus back to 6800.
- Keep an eye on crude oil as the back off highs today helped give stocks a lift.
US500 4 HOUR CHART
US500 (SP500) UPDATE
- Momentum is down (while below 6756 and the trendline) but scanning through charts, the low so far held a 1-hour support at 6692.
- Damage is not yet fatal with supports at 6603 => 6636 guarding the 6580 low.
- Rising oil prices/inflation impact seeing US bond yields firm and weighing on stocks so keep an eye on XBRUSD $100 as an indicator.
US500 1 HOUR CHART
US500 (SP500) UPDATE
- Reaction to news (and the move down in crude oil) is what matters day, on both sides of the market.
- Bounce off the 6580 low more than filled the opening week gap but requires a move above 6846 to fully negate the downside risk.
- In the meantime, keeps a bid IF it can stay above 6706.
US500 4 HOUR CHART
US500 (SP500) UPDATE
- Bounce off the low (6580) as crude oil retreats from its high so far not going far enough to negate the downside risk.
- 6700-10+ is what is needed to cool the risk to key supports at 6496-6508
- Keep an eye on XTIUSD USD100 as it remains pivotal for all global markets
US500 4 HOUR CHART
US500 (SP500) UPDATE
- Catching a bid above 6800 but to build momentum off the 6711 low, the 6905 level would need to be taken out.
- Otherwise, a case can be made for consolidation while between 6700-6900 with 6800 pivotal in dictating the tone.
- Key levels: Trendlines on both sides, 6841 (former resistance), 6805 support
US500 1 HOUR CHART
