📈 $SPX NEW ALL TIME HIGHS INCOMING?
• Just like the seasonality proposed a very strong week last one before Sept OPEX with all 5 days closing green on the index and almost retracing back the entire dip of the previous week.
• What I disliked about the close was the bulls not finishing the job and closing the bear gaps.
• To invalidate my fear I would love to see a fill early Monday and have decent pull back into FOMC and rally back up to make new highs. That is SCENARIO 1.
• The other way bulls can have a cleaner transition is bull gapping above the bear gaps and creating an island which will act as a cushion irrespective of the FOMC shenanigans. I prefer this SCENARIO 2 over the first.
• MACD is curling back in favor of the bulls.
• RSI above 50 and trying to break higher which again favors the bulls.
• Levels to watch here, 5640 break is 5670. Above that is 5715 and 5750. [Fintwits favorite JPM collar strike]
• Bulls must hold 5560 or we have a chance to dip towards 5490-5450.
SEASONALITY: Second half of the week starts the weakest period of the year in the stock market which flows into early next week also.
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- AuntieAaA·09-17 11:24GOODLikeReport