US500
next week.
it is very likely that there will be a more severe northward displacement.
h1. timezone
next week.
it is very likely that there will be a more severe northward displacement.
h1. timezone
1
Next area in focus to pick-up longs is around 3342, if price pulls back to this level. Strong bull market offers opportunity at first support. {image}
Nil desperandum
{quote} 3342 is now in sight, however the recent update regarding Coronavirus may introduce further volatility into the market. It is now a case of wait and see how price behaves at S/ R levels before seeking further action. {image}
New level at 3360 in place.
3340 zone would be the best nearest opportunity to pick up value if it presents.
Nil desperandum
{quote} SPX updated chart. New level at 3360 in place. 3340 zone would be the best nearest opportunity to pick up value if it presents. {image}
3360 acted nicely as support and prices are rallying ahead of US open. Market is looking bullish, 3400 is in view.
Nil desperandum
{quote} SPX updated chart. New level at 3360 in place. 3340 zone would be the best nearest opportunity to pick up value if it presents. {image}
3340 and 3360 both acted well as support each yielding a move up to previous resistance and +30 points respectively.
3340 could act as longer term support, if not 3308 and 3300 are good opportunities!
Nil desperandum
- #190
- Edited 5:09am Feb 22, 2020 4:50am | Edited 5:09am
- Joined Dec 2009 | Status: Nil Desperandum | 389 Posts
3308 - 3300 - 3292 will be on many peoples radar's moving into next week. This zone represents a good swing trade entry opportunity.
From a technical perspective this zone there is confluence from the 50ema on the D1 , 50% fib retrace from the recent up swing. The level also lines up nicely with a measured move down over a defined time period in relation to the recent price action.
From a psychological perspective the outcome of any individual trade is random and unknowable, follow your strategy and accept the result accordingly. I use a simple trailing stop strategy to take profits as and when the market makes them available. I do not waste time and energy trying to guess what is going to happen next in an environment where anything can happen next. This method for managing trades is consistent and easily quantifiable when reviewing performance.
There are some data releases next week to be aware of including the Chicago PMI, Consumer confidence, Manufacturing data, GDP etc, look for signs of continued strength or weakening in these trends and how the market reacts.
Coronavirus fears are still very present also.
From a technical perspective this zone there is confluence from the 50ema on the D1 , 50% fib retrace from the recent up swing. The level also lines up nicely with a measured move down over a defined time period in relation to the recent price action.
From a psychological perspective the outcome of any individual trade is random and unknowable, follow your strategy and accept the result accordingly. I use a simple trailing stop strategy to take profits as and when the market makes them available. I do not waste time and energy trying to guess what is going to happen next in an environment where anything can happen next. This method for managing trades is consistent and easily quantifiable when reviewing performance.
There are some data releases next week to be aware of including the Chicago PMI, Consumer confidence, Manufacturing data, GDP etc, look for signs of continued strength or weakening in these trends and how the market reacts.
Coronavirus fears are still very present also.
Nil desperandum
- #191
- Feb 22, 2020 6:20am Feb 22, 2020 6:20am
- Joined Nov 2013 | Status: Only thing to change was the view. | 2,446 Posts
Que Sera
The market is rapidly breaking down through support after a gap down to 3300 in the futures on Sunday. The economic impact of Coronavirus is taking on more significance and is currently hard to quantify, enough to contribute to shifting sentiment. Wait and see mode for now.
Nil desperandum
SPX weekly chart, a good reminder that anything can happen!
10% fall from high at 3057 - first level for a position trade.
20% fall from high at 2718 - second level for a position trade
Short term trading is off the table right now.
10% fall from high at 3057 - first level for a position trade.
20% fall from high at 2718 - second level for a position trade
Short term trading is off the table right now.
Nil desperandum