Consolidation or Next Leg of Volatility? With the rejection of the 3950 level, and with the breakdown below 3855 level, the index is now testing a key range of 3765-3793. If a daily close above this range then it would indicate ongoing consolidation of the recent move up, but if a daily close below this (more…)
Range Bound Consolidation – Day 2 Our published trading plans yesterday, Tue. 06/28, stated: “Until it breaks above the 3950 level meaningfully, we could be headed for some days of consolidation within the 3850-3950 range”. The 3950 level was rejected yesterday and the index is back in the low 3800’s, potentially whipsawing around the 3855 (more…)
Range Bound Consolidation Ahead As our last published trading plans on Fri. 06/23 stated about the 3855 level: “If and when it reaches that level, whether it can sustainably break through above that or if it gets rejected and falls lower is going to determine the next leg of action”. The index did break through (more…)
Interim Bottom In. Target 3855 – Day 2 Our trading plans yesterday confirmed an interim bottom at 3636, and stated: “The price action that ensued indicate a potential interim bottom at that level, and there might be an attempt to retest the 3855 level from below in the coming days”. Today is Day 2 in (more…)
An Interim Low at Last Friday’s 3636.87 The 3855 level we focused on Friday, 06/10, was broken below and a new session low of 3636.87 was registered last Friday, 06/17. The price action that ensued indicate a potential interim bottom at that level, and there might be an attempt to retest the 3855 level from (more…)
Fools Rush in Where Angels Fear to Tread We brought the 3855 level back onto our readers radars on Friday, and on Monday that level was decisively broken with a daily close below it. We are now officially in a bear market, and it does NOT appear that the markets will bounce out of it (more…)
Next Leg to Retest the 3855 level? As we wrote in our trading plans yesterday morning, the “bear trap” has been broken and the bears are on the attack again. Both our positional trading models and our aggressive intraday models did very well yesterday, and are pointing to further downside to unfold in the coming (more…)
The Bear Trap We Cautioned on 05/20 Starting to Ease? In our trading plans published on Fri. 05/20, we wrote: <<< Our models need a daily close above 3935 for the pressure around this level to be eased. While the index is below that level on a daily close basis, the 3855 level battle is (more…)
Interim Low In at 3855 In our last trading plans published on Thu., 05/12, we wrote: “If/when the S&P hits that level at 3855, our models expect an initial reaction of rebound. Whether that rebound would stave off the bear market or will be short lived is anybody’s guess”. Markets hit that 3855 session low (more…)
The Battle of 3855 (3854.90, to be precise) The 20% down level for the S&P 500 Index from its all time high of 4818.62 comes in at 3854.90, which is yet to be breached. After testing the session low at 3858.87 (3855 on the e-mini futures) last Thursday, 05/12, the index rebounded from that level. (more…)
