18102023 - #SPX
Yesterday I was bullish SPX but was looking for a long off strong level 4360 but of course market has other ideas, as yields went up, NDX was weak, but I said 14950 NDX as support, if we get a turn look to long SPX at 4340. And that was the lows for the day as SPX rallied to highs, over 50 points but eventually ran out of steam and closed half way.
Overall, I would say that market is in consolidation, with highs made last Thursday not penetrated, while it does look like it wants to go down but is bought up. Price action for yesterday is neutral, while price opened above the zones, which is more bullish.
Ideally the bullish H4 candle given yesterday should cap the lows and price is again back to the key 4360 level, which is also at where BZ is. Looking for SPX to base at 4360 and break higher.
The safer trade will be for price to go above 4372 PZ and then go long with stops at recent low.
Overall, I would say that market is in consolidation, with highs made last Thursday not penetrated, while it does look like it wants to go down but is bought up. Price action for yesterday is neutral, while price opened above the zones, which is more bullish.
Ideally the bullish H4 candle given yesterday should cap the lows and price is again back to the key 4360 level, which is also at where BZ is. Looking for SPX to base at 4360 and break higher.
The safer trade will be for price to go above 4372 PZ and then go long with stops at recent low.
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