SP500 made a very strong bullish statement last week. While today’s candles are bearish, the technical support is lacking and the candles are presumably false. We should have an answer tomorrow.
Let’s have a closer look.
This SP500 Daily contains the charts and covers:
– SP500 – TA and Japanese Candlesticks analysis;
– short and long term charts and forecasts for SP500.
Members are recommended to read the VIX/VXX Daily Analysis before the SP500 one:
SPY, QQQ, DIA and IWM formed different variations of bearish Harami on the daily charts. While the formations are bearish, they are not supported well by certain technical indicators and have a good chance to turn the false flags.
We would not know about this until tomorrow. One of such confirmations would be a SPY closure tomorrow above today’s high.
We remember that the weekly odds are strong bullish and they can kick in any time.
ELLIOTT WAVES – SP500
SP500 Short Term – Operative Counts
This chart was shared in the weekly update and it remains unchanged. The channel is still very preliminary, requires the top of 3 for adjustment.
The wave off the bottoms is very young. Once it develops, I will share an updated long term perspective, most likely in the monthly review.
Current Targets: $4610-4670
This alert was triggered on Friday, March 18th:
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