SP500 – Daily Analysis
SPX and the other major indices showed clear signs of nervousness today—but was it just noise, or the start of something deeper? In this update, we’ll dig into whether today’s jittery action left any real damage on the wave structures or key technical indicators. The market may have flinched—let’s find out if it left a mark.
CANDLES
SPX daily candles have technically formed a top—but only on the daily frame. The 2D and larger timeframes, including the monthly, are all set to close tomorrow and should offer far more insight. Unless we see a major sell-off, the monthly candle still has a strong chance to close bullish.
Interestingly, while the SPX cash index confirmed a reversal on the daily, ES futures may have formed a bullish pattern, closing right at yesterday’s low. NQ futures were stick-saved in the final moments, ending with a neutral-to-bullish tone. Meanwhile, both the Dow and Russell broke below key support levels, printing clear bearish candles.
Despite the current weakness, all major indices remain on track for bullish monthly closures. That said, the recent action could be an early signal of a soft start to August, possibly marked by a pullback.
At this point, SPX is neutral—awaiting confirmation from the larger frames. The monthly chart is still tracking toward a bullish close.
Elliott Waves
ES has invalidated both the red and purple impulsive counts by re-entering wave 1 territory. While the red count could still evolve into an ending diagonal, the purple is now off the table. The wave down over the past three days appears to be corrective—possibly forming a larger bullish flag. If this setup confirms, be prepared for a potential move into the $6600–$6700 range during August.
SUMMARY
The S&P 500 remains neutral in the short term and bullish across the mid- and long-term timeframes. Trends and technicals continue to support the broader upward trajectory.
SWING ROOM
As of the July 25 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!
