$SPX - Chart Link - roughly an 80 point
move off the lows, the previous largest bounce in the downtrend was
about 66 points. Obviously price blew threw the downtrend
channel this morning
I also add the Fibs to the chart, price is just over the 50%
retracement. However notice that the 61.8% Fib lies right at that
horizontal line above which acted as previous support and
resistance, so that's probably an important area technically around
2900
yes and no. Yes price found a low right where the BPT BR Squeeze
went below zero, and where the 60 Stochastic tested 50%, many times
where those indicators tests ends up being a low vs confirming via
the whipsaw method. However price can also have an initial reaction
bounce for a few days like we've seen, then head down again. that
happens many times in ABC type corrections. At minimum is
someone was long the stops would need to be around Monday's lows
now. Also the MA ribbon is still positive and was pinching
there
Otherwise price is still below the now broken ATR trailing stop,
so one could wait for more evidence that the downtrend was in fact
completed, such as price getting back over the ATR etc. Again under
an ABC sort of correction the market could still chop around here
for a bit
for me there's some big resistance up here as I've shown on the
60 min charts below
and remember my post below the 120 and 60 min time frames, those
indicators are testing their inflection points on the bear side
where they will either confirm up now or head back down
SPX 60 min comments
Posted by matt on 16th of May 2019 at 10:25 am
$SPX - Chart Link - roughly an 80 point move off the lows, the previous largest bounce in the downtrend was about 66 points. Obviously price blew threw the downtrend channel this morning
I also add the Fibs to the chart, price is just over the 50% retracement. However notice that the 61.8% Fib lies right at that horizontal line above which acted as previous support and resistance, so that's probably an important area technically around 2900
Update: SPX 60 min comments
Posted by matt on 16th of May 2019 at 12:01 pm
$SPX - Chart Link - that's a big level there near 2900
60 stoch turned back up,
Posted by shecar on 16th of May 2019 at 12:33 pm
60 stoch turned back up, that has to be really bullish since its hard for it to turn back down anytime soon right?
on the daily chart that
Posted by shecar on 16th of May 2019 at 12:34 pm
on the daily chart that is...
yes and no. Yes price
Posted by matt on 16th of May 2019 at 12:45 pm
yes and no. Yes price found a low right where the BPT BR Squeeze went below zero, and where the 60 Stochastic tested 50%, many times where those indicators tests ends up being a low vs confirming via the whipsaw method. However price can also have an initial reaction bounce for a few days like we've seen, then head down again. that happens many times in ABC type corrections. At minimum is someone was long the stops would need to be around Monday's lows now. Also the MA ribbon is still positive and was pinching there
Otherwise price is still below the now broken ATR trailing stop, so one could wait for more evidence that the downtrend was in fact completed, such as price getting back over the ATR etc. Again under an ABC sort of correction the market could still chop around here for a bit
for me there's some big resistance up here as I've shown on the 60 min charts below
and remember my post below
Posted by matt on 16th of May 2019 at 12:50 pm
and remember my post below the 120 and 60 min time frames, those indicators are testing their inflection points on the bear side where they will either confirm up now or head back down
ok thanks
Posted by shecar on 16th of May 2019 at 01:09 pm
ok thanks