Technical Analysis on .SPX
Hello everyone! Today I want to share some technical analysis with you!
1.
Another attempt to get to 4660 zone is under way--this time, if SPX gets to 4650-4640 in an impulsive move, that low would be a tradable bottom for a rebound higher--FOR SUBS: you know what to do--the gap-down & go is my primary count (check the 5-min chart for references). $S&P 500(.SPX)$
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2.
Rebound back from the low: $S&P 500(.SPX)$
(1) it is not common that two previous lows in the future will NOT be visited by the cash market.
(2) so far, SPX futures got to 4663 on Friday pre-market & 4677 today pre-market--the cash low is still 4682.
(3) would be better to revisit them in cash
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3.
4704 conquered & 4742 gap filled.
(1) Now, if this is a corrective w-2, then it SHOULD / WOULD turn south to retrace the rally from 4682.
(2) However, if it continues to rally, then the decline from 4793 to 4682 looks CORRECTIVE. Given the pace of the rally, I am 50/50.
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