2024-07-15 - priceactiontds - daily update - sp500
Good Evening and I hope you are well.
comment: Market closed near the open, so neutral. Bulls printed another ath but got another big rejection for 50 points. Bears need lower lows and follow through selling or we continue inside the broad bull channel. Friday’s and Today’s daily bar look bad enough for the bulls so I think bears are favored slightly to get to 5640 or lower tomorrow.
current market cycle: Max bullishness & peak bubble territory. Literally the peakiest of the peaks. Mother of all bubbles. Will end over the next weeks. —unchanged
key levels: 5500 - 5720
bull case: Bulls buying every dip and staying near or above the 1h 20ema. Despite the many rejections above 5700, bulls are in control and poke higher each day. Clean broad bull channel and until bears break below and make lower lows again, bulls are heavily favored.
Invalidation is below 5600.
bear case: Big up, big down, market went nowhere today, despite another ath. Bears desperately need lower lows below 5600, otherwise every dip is bought. First bear target are consecutive closes below the 1h 20ema and then a retest of 5640, which is Friday’s open and near the bull channel line.
Invalidation is above 5720.
short term: Neutral and fading the extremes. Selling above 5700 continues to be profitable. Not interested in buying this.
medium-long term: Bearish. We will see 5000 over the next weeks again and 4600 over the next 12 months. Will update this time and price wise over the weekend but I expect to at least see 5000 over the next months in 2024. —updated weeks to months.
current swing trade: Short 5700. Will also hold this until Tesla goes bankrupt or Cathy closes her trashcan of a “fund”.
trade of the day: Shorting above 5700 was good for 48 points. Was previous resistance and still is. Daily close above 5700 would change that.
comment: Market closed near the open, so neutral. Bulls printed another ath but got another big rejection for 50 points. Bears need lower lows and follow through selling or we continue inside the broad bull channel. Friday’s and Today’s daily bar look bad enough for the bulls so I think bears are favored slightly to get to 5640 or lower tomorrow.
current market cycle: Max bullishness & peak bubble territory. Literally the peakiest of the peaks. Mother of all bubbles. Will end over the next weeks. —unchanged
key levels: 5500 - 5720
bull case: Bulls buying every dip and staying near or above the 1h 20ema. Despite the many rejections above 5700, bulls are in control and poke higher each day. Clean broad bull channel and until bears break below and make lower lows again, bulls are heavily favored.
Invalidation is below 5600.
bear case: Big up, big down, market went nowhere today, despite another ath. Bears desperately need lower lows below 5600, otherwise every dip is bought. First bear target are consecutive closes below the 1h 20ema and then a retest of 5640, which is Friday’s open and near the bull channel line.
Invalidation is above 5720.
short term: Neutral and fading the extremes. Selling above 5700 continues to be profitable. Not interested in buying this.
medium-long term: Bearish. We will see 5000 over the next weeks again and 4600 over the next 12 months. Will update this time and price wise over the weekend but I expect to at least see 5000 over the next months in 2024. —updated weeks to months.
current swing trade: Short 5700. Will also hold this until Tesla goes bankrupt or Cathy closes her trashcan of a “fund”.
trade of the day: Shorting above 5700 was good for 48 points. Was previous resistance and still is. Daily close above 5700 would change that.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.