Like my last report about SPX I want to show you support zones, resistances and price targets. Ill try to keep it short and simple.
Last weeks market was driven by tech earnings , Fed decision and reopening economy in US staates. That pushed SPX up to 29 resistance.
Now you can see profit taking and as well short-term consolidation.
Next weeks everything could happen because there is no real decision about a generell trend. Every bad news like trade war with china could let the SPX drop down to support zones around 28 and the most important zone at 2730.
@Shakerthemaker, Hello, whats your view for next week, still up to 29400? Thank you.
Hornetcharts
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@martasnajdarova, it depends on newsflow around trade war and re-opening economy.
Generelly, we are moving in range between 2940 and 2730.
There is no clear trend, for example you can see on 12 May bearish signal "shooting star" on 13 May there is a bullish signal "hammer".
When I take a look at volume from last week I guess next week is the same: It goes up 2940 and then (after bad news) down to 2800.
We bounced three times off 61 fib retracement (2940 mark), there is low volume in short up-trend and like 2008 we are consoladting. I guess over next weeks If we will go under 2730 support zone, 26 support zone could be tested also.
Good luck for your trading :)
Hornetcharts
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Low volume today, bouncing back again 61 Fibo Retracement.
Hornetcharts
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So we can see next risistance at 2930/40. I was wrong to going short.
Hornetcharts
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So here we go again testing 2850. Yesterday we closed on 2848. We have a range up to 2940 and down to 2800.
UnknownUnicorn8023828
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Hello 2850 is being tested . but if it is not broken within today’s open market. S&P fut will go down tmrw. I guess :)
Hornetcharts
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@CountryDoctor, year if we close below 2850 it could go down. :)