We have a confirmed daily uptrend signal in SPX, so we can expect a move to reach the target on chart within the next 7 bars after today's close. I want to see if today's low stays above the former resistance levels we broke, and if we cross the resistances above as well. It might take a couple days to do so, logically, but I think odds are really big that we get a sizeable rally in all equities for a while.
Good luck,
Ivan Labrie.
Kommentar
⋅
Ideally we won't go under 2164 today, but if we do, there's huge support at 2162.
Kommentar
⋅
We have broken down but found support for now. There is a new 10 bar level too, and price holds above the FOMC key level. I don't want to be quick to jump to conclusions and short equities (although I do keep a short book, currently with CLX, EWG, WMT on it).
Hello. seems your target is realized ? Do you have a prediction next ? Thanks
IvanLabrie
⋅
@ahmetnmsl, hi, there can be a retracement which seems to have started, but it could also mean SPX will stall and go sideways for some time due to the sector rotation.
For instance, energy is going great, like the OXY long I posted, but tech is taking a massive hit. I think it'll be a time to leave the index alone and find undervalued companies to buy, and overvalued large caps to short.
ahmetnmsl
⋅
Do you think it would impact the stock market if Saudi s sell of their assets at the weekend ?
IvanLabrie
⋅
Hard to say, and I don't know if they'd sell, maybe treasuries, but that might just hurt the dollar. We'll have to wait and see.
xiiimik
⋅
I am right that confirmation happens as pullback to the mode?