SP500 – Daily Analysis
Today, the S&P 500 moved exactly as outlined in our Weekly Digest, landing right in the target area. Now, let’s map out what could come next. Using our blend of candlestick patterns, multi-timeframe signals, and Elliott Wave analysis, we’ll outline the possible scenarios and highlight the key inflection points that could shape the path forward.
CANDLES
Today, SPY and QQQ formed bullish continuation candles, while DIA and IWM bounced back from Friday’s bearish move and printed Bullish Engulfing patterns. The S&P 500 and the overall market remain firmly bullish for now.
Elliott Waves
The futures indicate higher odds of exploring higher prices—the move isn’t over yet. As we discussed in yesterday’s digest, the futures dipped and then recovered strongly. At this point, there isn’t enough data to clearly distinguish between the green and blue counts. The current wave up could be either wave i of 3 in the green scenario or wave 1 of (5) in the blue. In a few days, we should have a clearer picture of which path is unfolding.
SUMMARY
The S&P 500 and other indices closed today with bullish candles, signaling a continued rally. The index remains bullish in the short term.
As of the July 10 close, the Swing Room was long on SPY.
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Happy Trading!
