S&P500 Weekly Look - Not bearish until 420 (or MA50) gives way!

Asphen
2023-10-07


Price action

- 2 consecutive weeks of hammer candle and support off 421

- At confluence with uptrend channel too

- MA50 on weekly chart has been a guiding one ===> It is confluence at support of 421 to 417 too


Macro View

On a macro view perspective, quite simple, once price action goes below MA50 which would be about SPY 420 or 417, I would lean bearish. 


Just like how Friday action has shown, market makers like to do what it likes to do, which is bull and bear traps and past week was a bear trap. 


Good luck, all!

S&P500 Weekly Analysis - 7 Oct 2023

@LMSunshine  @macroB  @melson  @CaptainTiger  @Deposit  @TigerStars  

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Comments

  • LeilaLynch
    2023-10-07
    LeilaLynch

    I believe it's apt to consider whether we could have a firm rally in Q4 this year or if we should anticipate further downside toward lower valuation levels before bottoming out.

    • Asphen: 
      it is all in the levels. there are squeeze candles that are possible coming days.
  • BorisBack
    2023-10-07
    BorisBack

    I am inclined to think a bear market is on the way but a relief rally can be a powerful thing.I may combine inverse etfs with longs

    • Asphen: 
      am with you on that too.
  • CatherineGunter
    2023-10-07
    CatherineGunter

    I urge investors not to read too much into Cook's intentions (as we will never know), but focus on AAPL's price action.

    • Asphen: 
      exactly. price action is key. what we read are just analyst views which are not connected.
  • Lionel8383
    2023-10-07
    Lionel8383
    On Tuesday, the old Einstein trader appeared on the news as the Dow plunged 430 points
    • AsphenReplyLionel8383: 
      haha..  yup. most ppl do not know market is 6 to 9 months ahead of news.
    • Lionel8383ReplyAsphen: 
      Yes just take the news as entertainment
    • Asphen: 
      haha... Good one. as one Ytuber influencer always say... if u see sad and shock faces... near term bottom is happening ...haha
  • melson
    2023-10-07
    melson
    market makers like to do what it likes to do, indeed
    • Asphen: 
      yup. such job numbers n they rally big green candle.  😀
  • Lionel8383
    2023-10-07
    Lionel8383
    Will you exit your profitable positions?
    • Asphen: 
      and also cut loss on my long term losing positions from 2022
    • Asphen: 
      yes. I will liquidate my long positions once it gets rejected at MA20 on daily Chart.
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