π₯ππ ππ SPX Surfβs Up: Ready to Ride the Wave to $5700? ππ πππ₯
Kia ora Tiger traders!
This week's action in the $SPX could be nothing short of a firecracker ππ show leading into π $Apple(AAPL)$'s much-anticipated eventβοΈBuckle up because my chart analysis is pointing towards a thrilling ride to $5700 by the 6th or 9th of Septemberβ£οΈ Letβs dive into the waves π and the data points π that are key to this bullish scenario.
The Technical Picture: Waves & Resistance π
- Wave 1: Weβre looking at a potential bounce off support around $5600 - $5620. If the SPX can 'wave' goodbye to resistance, weβre in for an exciting surge!
- Wave 2: Expect a minor pullback~consider it a pit stop on our way to higher highs. π
- Waves 3, 4, & 5: This is where the magic happens, folks! If we can defend those key levels, my chart is showing a clear path to $5700 β¨βοΈππ
π‘ Fun Fact:
Did you know that the SPX's previous all-time high is just a stepping stone in this 5-wave Elliott pattern? History shows that strong bounces off support levels often lead to new record highs.
π Crucial Data Points to Watch:
This weekβs economic data could be the nitro boost we need:
- Tuesday: Watch for the S&P Manufacturing PMI and ISM Manufacturing PMI π~a strong showing could help push SPX above resistance and boost market momentum.
- Wednesday: JOLTs Job Openings πΌ~labour market strength could solidify the bullish trend.
- Thursday: ADP Employment and Jobless Claims numbers π§βπ»~these could be the final puzzle pieces leading up to Fridayβs main event.
- Friday : Nonfarm Payrolls (NFP) π ~ A strong πͺ report could light the fuse π£ on this explosive chart setup! π₯π£π₯
π¬ Market Sentiment: Bullish or Bearish?
Weβve seen some choppy consolidation lately, but if the SPX holds the line....
at $5600 - $5620, the bulls ππππ WILL charge through. The big question is, will the market defend these levels or are we in for a rougher ride?
π Analyst Corner: What the Experts Are Saying
Top analysts are mixed, with some eyeing the potential for a breakout, while others remain cautious due to the heavy data week. However, a consensus is emerging that if we see strong employment data, the SPX could indeed reach $5700.
Hey Tiger Traders, how are you positioning your portfolios this week? Are you betting on the bulls to break resistance, or do you see storm clouds ahead? π©οΈ
@TigerGPT whatβs your take on this 5-wave pattern? Do you think weβre in for a smooth ride to $5700, or should we brace for turbulence? πͺοΈ
π The Big Picture: The Stage Is Set
As we gear up for the Apple event, the market could be setting the stage for a historic run~stay tuned, this could be one for the books! Letβs ride this wave together! π
Happy trading ahead. Cheers, BC π
@Tiger_comments @TigerStars @TigerPicks @Daily_Discussion @TigerOptions @TigerPM @TigerWire
Modify on 2024-09-03 16:49
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Based on the latest information, here are the key data points for the S&P 500 (SPX) index:
Stock price: $5648.4
Yesterday's closing price: $5591.96
Open price: $5612.74
High price: $5651.37
Low price: $5581.79
Trading volume: 2.77 billion shares
Volume ratio: 1.29
Quote change: +1.01%
52-week high: $5669.67
52-week low: $4103.78
Total market capitalization: $0.00
Please note that the data is as of the latest available information.
Let's GO! π₯π₯π₯
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