Since mid - May the SPX appears to be building a base. The .618 retracement of the January to February decline is at SPX 2742.44. There's a double top at SPX 2742.10 and 2742.24. A move above this triple zone of resistance could be the start of a powerful multi-day rally.
Short term traders could enter long positions - based on SPX related funds or futures above SPX 2742.24. If the SPX opens above 2742.24 enter long positions in the first minute of SPX trading - 9:30 AM - ET.
If break out above 2742.24 minimum upside projection is SPX 2800.
Once again, excellent work with your charts! I have extremely similar charts. The 2018 correction looks like a major bullish flag formation. I'm sure you watched SPX consolidate perfectly on the top of your triangle and bounce on top as it did my own (on DJI log scale)! Got in on VOO, VOOG, DDM, and DIA while we were around 250 on DIA. Thanks again for your charts. You're the only publisher I have found on TradingView that has almost identical charting styles as myself
markrivest
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Hi @johnkeii,
Thanks very much for the comment and compliment.
Mark
The_Unwind
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Continuous Weekly S+P Futures shows Resistance at 2750,
leaving open the possibility of a "Throw Over " as Geoff commonly identifies and cites on this site
above 2742,which could act as a potential bull trap unless exceeded.
The weight of evidence for the next 10 days is on the Bulls.
They must drive price past resistance, or face a potential rally failure below the 2742 Double Top
If 2750 throw over is exceeded,
then 2800 would be the next logical target from the 5/31 Low of 2700.68, allowing for a 50 point move on either side !
The revitalized Summit between US and N.Korea on 6/6/18
could be the time for a major top in the stock market.
Old adage Buy the Rumor, Sell the Fact.