SPX ST Views

    Posted by steve on 29th of Jul 2022 at 01:25 pm

    $SPX - Chart Link - updated 15 minute chart from newsletter 

    $SPX - Chart Link - short term channel revision from yesterday 

    Was the morning gap a

    Posted by anjali25 on 29th of Jul 2022 at 01:36 pm

    Was the morning gap a 3 of 3 gap  as it didnt close 

    Thank you Steve - these

    Posted by anjali25 on 29th of Jul 2022 at 01:34 pm

    Thank you Steve - these are very very helpful - for some reason the second chart image shows 3975 price again after 4100 - so it’s not clear what your projections for 5 are

    Understand - I'm hesitant to

    Posted by steve on 29th of Jul 2022 at 01:43 pm

    Understand - I'm hesitant to post 3/5 minute charts as they are often subject to change.   The trend is upward UNTIL EVIDENCE changes 

    Yes but if that gap

    Posted by steve on 29th of Jul 2022 at 01:39 pm

    Yes but if that gap is filled then this view is WRONG - thus far it's acting well and expect a push later today or Monday upward. 

    SPX -  thanks Steve, I

    Posted by DigiNomad on 29th of Jul 2022 at 02:14 pm

    SPX -  thanks Steve, I love these projections...still very useful even when not taken as gospel (some people want black and white projections/guidance, but trading doesn't work that way).  

    I think your current ST projection plays out and completes wave A of a major bear market correction that finishes either at  4368 (6.18% fib) or 4567 (78.6%).  Market always catches the most people off sides, and a rally to those levels would do the trick. Also, a rally up and out of the current channel matches up well with my theory that when prices violates trend channel in the direction of the trend (as happened 16 - 17 June), a reversal is imminent and it will take price up and out of the other side of the channel and establish a new channel in the other direction (probably very short term in this case).  I think 3200 is in the cards, but probably not until November or so (unless the slope of the bear market changes). 

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