S&P500 hit new ATH! So what's next?


Price action

- SPX Weekly Chart (dated 20 Jan 2024)

- Past sharing - Bear Flag Fibonacci retracement of staying above 61.8 tends to lead to full retrace (happened with new ATH set on 19 Jan)

- Cup and Handle - Beautifully formed 

- Extension now targets 5200+

- Path won't be a straight one, use trend channel as a guide 


Bullish Guidance

- 5200 as the target

- Use the trend channel as the guide (meaning there will be alot of pain but also liquidity built)

- Key levels to note are 4700 and 4600 down to 4540 and 4370


Bearish Guidance

- If tapering happens, inverse cup start forming with a break below of the trend channel (likely below 4700 or 4600, I will look to bearish views until the cup gets formed

- Then a dead cat bounce will happen with the handle formation with move to low again for the big crash that many are touting now as you see on the news


I'm one to see price action rather than to see the news. 


Good luck, all!

S&P500 Weekly Chart - 20 Jan 2024

@CaptainTiger  @macroB  @Deposit  @melson @TigerStars  

$S&P 500(.SPX)$  

$SPDR S&P 500 ETF Trust(SPY)$  

$Invesco QQQ Trust(QQQ)$  

# 💰 Stocks to watch today?(21 May)

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Comment12

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  • macroB
    ·01-21
    TOP
    price action > news 🫡
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    • Asphen
      😀 bingo!
      01-21
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  • LMSunshine
    ·01-21
    TOP
    Thanks buddy for the AWESOME analysis❣️
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    • Asphen
      thank you 😉
      01-21
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  • XianLi
    ·01-25
    TOP
    Exciting! 🎉 Keep soaring!
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    • Asphen
      😉
      01-26
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  • AdairHoratio
    ·01-25
    TOP
    Rocket to the moon! 🚀
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    • Asphen
      😉
      01-26
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  • Deposit
    ·01-20
    TOP
    v good analysis.
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    • Asphen
      thank you
      01-20
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  • melson
    ·01-20
    [Happy]✈️🚪
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    • Asphen
      haha...
      01-20
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