SP500 – Daily Analysis
In today’s SP500 daily report, we review price action across the key frames, focusing on candlestick structure, momentum readings, and Elliott Wave scenarios. We’ll outline the key levels, note what would confirm or invalidate each path, and frame the most probable setups for the next session—without leaning bullish or bearish.
CANDLES
The S&P 500 confirmed a bearish move on the daily frame, increasing the odds of bearish follow-through in the candles. Momentum, however, has yet to build—a key unknown given bullish trends across all larger frames and relatively weak technical backing.
Into the next closes: for the 2D print tomorrow, bulls need a close above $6,437.70; anything lower likely keeps the bias bearish. For the 3D close on Thursday, bears need a print below $6,364.06 to strongly escalate; a higher close would be read as bullish.
Short term: neutral. Mid and long term: bullish.
Elliott Waves
Mid Term
The purple count remains primary.
Short Term
Today’s pullback was too deep to maintain the current wave (iii) labeling. That said, the impulsive structure remains valid as long as price holds above $6,377.50. Even a 1 bp dip below that level would invalidate it and bring the blue count (or another alternative) back into play.
SUMMARY
Short term, the S&P 500 and other major indices are neutral—waiting on a directional signal and a momentum shift. The long-term outlook remains bullish until signaled otherwise.
SWING ROOM
As of the August 15 close, the Swing Room remained LONG on SPY.
All Swing Room trades are recorded here once they complete:
https://investingangles.com/live-trade/
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Happy Trading!
