One comment this morning was that yesterday's pullback would
have been tough to buy, I AGREE. So why not buy this
morning's gap? If you bought the gap currently you made about 30
SPX points, that's a good trade on ES futures or even UPRO.
The gap up confirmed the end of that abc.
Not liking labeling a wave d that is above a wave b - instead
looks like a 5th wave completion of some degree following that abc
(4th wave). Not yet confirmed
$SPX - Chart Link - 5 min currently
testing the VWAP area, which may be a support area. The MA ribbon
starting to pinch on the pullback if Vwap doesn't hold then monitor
the 50 SMA and the 60 Stochastic 80% area needs to stay above fro a
trend day. Also monitor fast 10 length stochastic it's getting
oversold now
60 Stochastic solidly above the 80% zone all day, so trend
day.
Market commnets
Posted by matt on 20th of May 2020 at 12:06 pm
$SPX - Chart Link- remember we had an abc pullback yesterday
One comment this morning was that yesterday's pullback would have been tough to buy, I AGREE. So why not buy this morning's gap? If you bought the gap currently you made about 30 SPX points, that's a good trade on ES futures or even UPRO. The gap up confirmed the end of that abc.
$SPX - Chart Link5 min
$SPX - Chart Link- 2hr chart showing that open gap 2886 - 3000, which we haven't filled yet
currently prices have pulled off the highs here intra day from some 5 min divergence
Regarding the $SPX 2 hour chart,
Posted by CopperMtn on 21st of May 2020 at 05:02 pm
Regarding the $SPX 2 hour chart, if wave (d) is in at 2980 or so, where would a wave (e) measure to?
Not liking labeling a wave
Posted by steve on 21st of May 2020 at 05:04 pm
Not liking labeling a wave d that is above a wave b - instead looks like a 5th wave completion of some degree following that abc (4th wave). Not yet confirmed
https://stockcharts.com/h-sc/ui?s=%24SPX&p=10&b=5&g=0&id=t9718056861c&a=627027475&r=1590093781060&cmd=print
Update: Market commnets
Posted by matt on 20th of May 2020 at 12:09 pm
$SPX - Chart Link - 5 min currently testing the VWAP area, which may be a support area. The MA ribbon starting to pinch on the pullback if Vwap doesn't hold then monitor the 50 SMA and the 60 Stochastic 80% area needs to stay above fro a trend day. Also monitor fast 10 length stochastic it's getting oversold now
60 Stochastic solidly above the 80% zone all day, so trend day.
Update: Update: Market commnets
Posted by matt on 20th of May 2020 at 02:03 pm
$SPX - Chart Link
Update: Update: Update: Market commnets
Posted by matt on 20th of May 2020 at 02:06 pm
$SPX - Chart Link - FED min guys causing volatility here
Update: Update: Update: Update: Market commnets
Posted by matt on 20th of May 2020 at 02:47 pm
$SPX - Chart Link - updated 5 min view - price bounced off that extended broken trendline connecting Monday and Tuesday's highs
Update: Update: Market commnets
Posted by matt on 20th of May 2020 at 12:22 pm
$SPX - Chart Link - price pulled back to support zone (previous resistance)
$SPX - Chart Link - on a 1 min chart I find the 200 MA to be an area to watch as well
we'll see if price can bounce here, this is the area it should do so if it's gonna happen or not