SP500 – Daily Analysis
SPY had a very intriguing closure today—one that invites a closer look beneath the surface. Just 10 minutes before the bell, the candles were telling a very different story. The final moments shifted the tone entirely, raising the question: what was the market really signaling by the close?
In this update, we’ll examine what changed in those last minutes, how the short-term picture was reshaped, and what clues may have been left behind for the sessions ahead. Something subtle may have just tipped the hand.
CANDLES
Just 10 minutes before the bell, SPX and SPY were on track to forming a bearish Dark Cloud Cover—an ominous setup. But in a last-minute push, the bulls regrouped and managed to avoid it, shifting the tone into a more neutral-bullish formation. The result: an In-Neck combo, which carries moderately better odds for an upward resolution, though it’s not a strong signal on its own.
Meanwhile, the 3D frame closed with a bullish continuation candle (without a gap), and the other major indices pulled back from the brink of forming dangerously bearish patterns. Key support levels held, and the final candles appeared much weaker on the bearish front.
With this backdrop, the odds lean moderately bullish for tomorrow—though the market still has more to prove.
Elliott Waves
I’ve added an Alt 3 target for the current wave. If ES breaks through $6535—representing 2x the length of wave 1—the next key level would be the 2.618 extension at $6969. The green count remains the primary scenario for now.
On the short-term view, today’s move down appears corrective and could be either wave 4 in red or wave iv in purple.
SUMMARY
The S&P 500 holds a moderately bullish outlook in the short term and remains firmly bullish across the mid- and long-term timeframes. Trends and technicals continue to support the broader upward trajectory.
SWING ROOM
As of the July 24 close, the Swing Room remained LONG on SPY. It’s been long since June 16 and had gained about 6.5% unleveraged.
All Swing Room trades are recorded here once they complete:
https://investingangles.com/live-trade/
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Happy Trading!
