S&P500 still on track to hit previous All Time High
S&P500 - Consolidating and waiting on FOMC on 26 July! 444 or 465?
Hourly Chart
- Breakout from buy continuation channel to a controlled selling channel continued on Friday
- Controlled selling could often be a flag formation of a bull flag
Daily Chart
- Bears does not seem to want to push it below 451 (current bulls camp level)
- Bulls also do not want to try for 455 again for now (could be building liquidity)
- MA20 green coming up to 444 and MA50 blue coming up to 432
- Both Oct and Mar buy channel remains upwards
Watch for!
- Flag formation to 450/451 (area of balance support); 448 (top of gap), 443 (bottom of gap and also last breakout!)
- Support off the above levels still points to target of 465 and possible ATH 480!
My plays
- Will position my plays on counters around SPY bouncing on 451 or 444 or 432 for accumulation
- e.g. GOOG at 105 or 101
Overall, still bullish long term, with a good and healthy pullback near term.
S&P500 Daily Chart - 22 July 2023
S&P500 Hourly Chart - 22 July 2023
S&P500 Weekly Analysis - Current rejection at Fib 78.6 (4540)! Full retrace to ATH still in play!
- Fibonacci retracement from ATH shows current price rejection is at 78.6
- Further consolidation between Fib 61.8 and 78.6 would mean full retrace still on the cards
- Coincidentally, the 2 fibs are 432 and 454 which are the 2 key levels on daily charts
- So a healthy pullback is still warranted (or the so called reversion to the mean as often mentioned)
Healthy price action since Oct 2022. Positive for me long term.
S&P500 Weekly Chart - 22 july 2023
@TigerStars @melson @LMSunshine @Deposit @macroB @CaptainTiger
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After a lot of good news for tech they were still held back because of rebalancing. Now that is over and earnings season starts, we should bounce hard to the upside. Especially with anticipated rate cuts. This is only a theory of where the market might go.
I believe that the market will dip during this earning season, because companies are not making as much.