17102023 - #SPX
Yesterday (tradingview.com/chart/SPX500USD/qkrFT5iQ-16102023-SPX/) I said that despite the bearish price action etc, market gapped up instead of down which is a sign of bullishness. Also I said that market should move to 4360. It was much sideways before that though (unlike DAX) and even had a dip during European session, which was bought up. This is another sign of bullishness (that bears try to bring price down but failed).
Eventually thus, we see 4360 and instead of the dip I said we will see, we got the rally up (as bulls are in control) and we moved higher. Also, IMO what is important to note, is, the data was at 830am EST and market did not dip further on it, thus there was no other
4360 proved to be an important level and price ranged and dipped to that level before it was bought up again to end the day.
So what is it for today? Price action is bullish with price above the zones. Only concern is how steep this recovery is. But overall, I am looking for a move higher with 4424 as a magnet.
Eventually thus, we see 4360 and instead of the dip I said we will see, we got the rally up (as bulls are in control) and we moved higher. Also, IMO what is important to note, is, the data was at 830am EST and market did not dip further on it, thus there was no other
4360 proved to be an important level and price ranged and dipped to that level before it was bought up again to end the day.
So what is it for today? Price action is bullish with price above the zones. Only concern is how steep this recovery is. But overall, I am looking for a move higher with 4424 as a magnet.
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