S&P500

Nomura's take on the S&P 500 (well, the e-mini anyway!)

The bull flag breakout on the hourly chart is witnessing a small consolidation below 1795. We expect this topside to yield to a breakout today that can target our initial upside projection at 1809.


Channel projection suggests a more robust move to 1818. S/t, 1792 and 1788 represent support today.

More critical to this up move is the old polarity level at 1773. For today channel support surfaces at 1783 but we don’t expect a test of downside as we await a move through 1795.

Levels: Support - 1792, 1788, 1783 Resistance – 1795, 1808, 1818

Chart attached in the form of a PDF.

Yardini's Technical Indicators for the S&P - including Put/Call Ratios (for the cool options traders out there )

dl.dropboxusercontent.com/u/7238706/US%2...0Cash%20%281H%29.png

Here's a copy of my hourly chart. Friday saw the completion of a 38.2% retrace of the move to 1,888.60 to possibly complete wave (( b )). If this proves true then I see the next move up going, eventually, to 1,950.00 > 1,990.00, as can be seen in the daily chart below....


dl.dropboxusercontent.com/u/7238706/US%2...20Cash%20%28-%29.png

Hope this is of interest to some: I know many find wave counts etc very boring so just let me know if you'd rather I didn't bother with this type of post

An update of the daily chart shows the S&P having broken the 100% extension.

Now look to 2016 > 2023 for the 127.2% extension, and, if the bulls get beside themselves, we could even reach the dizzy heights of 2100 and a 161.8% extension, which would signal a 5 way impulse move and possible further heights to come.....

dl.dropboxusercontent.com/u/7238706/US%2...sh%20%28daily%29.png

Going to take a short at 2744 or thereabouts - strictly an intra day trade - if it gets there.

This is EXTREMELY RISKY - please do your own research.

Hey Folks,

I hope you're all well and safe....

Just putting some ideas out there; I'm (as you ALL well know!) am a novice, but doesn't the S&P chart below look like:

1. is developing (or has developed) a Rising Wedge?
2. is that an island reversal? (I'm using free tools - so not sure about the rising volume).
3. (no, that's not a bear flag - at least I'd better not ruin 1&2 with assertion 3)





stay safe people!

(and looking forward to another crazy week! )