• 288 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 290 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 690 days Could Crypto Overtake Traditional Investment?
  • 694 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 699 days Is The Dollar Too Strong?
  • 700 days Big Tech Disappoints Investors on Earnings Calls
  • 701 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 702 days China Is Quietly Trying To Distance Itself From Russia
  • 703 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 707 days Crypto Investors Won Big In 2021
  • 707 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 708 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 710 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 710 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 714 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 714 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 714 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 717 days Are NFTs About To Take Over Gaming?
Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  1. Home
  2. Markets
  3. Other

SP500: Weekly Reversal Candle Is Pointing For A Deeper Retracement

The markets were in risk-off mode during the Asian trading hours as respond to Crimea's votes results. If situation would get worse then be aware of even lower levels on S&P while Crude oil and Natural gas could find a support.

On the Weekly chart of the S&P500 we have seen a bearish close at the end of the last week that erased all of the gains from a week earlier. This can also be an important evidence for a bearish case in the following days.

S&P500 Weekly - Candlesticks

S&P500 Weekly Candlesticks Chart


S&P500 Daily

S&P500 has been in bullish mode since February but it looks like that the direction of a trend could be changing now after a rally up to 1880/1920 Fibonacci and channel resistance area, where we see zone for a completed fifth wave in wave 5) of (3). So far, market is reversing nicely down with a weekly close price at 1839 so we suspect that market has turned bearish now for a three wave pullback down in blue wave (4).

S&P500 Daily Elliott Wave Analysis

S&P500 Daily Elliott Wave Analysis Chart


S&P500 4h

On the 4h chart of the S&P500 Futures contract we are looking at the Elliott Wave count where structure might have finally formed a top after very strong sell-off in the last couple of days from 1886. A decline however is still not a clear impulse, but another intraday leg down to 1800/1810 will suggest that trend has turned bearish or at least sideways. In that case traders could be interested in shorts opportunities.

S&P Futures (Mar 2014) 4h- Elliott Wave Analysis

S&P Futures (Mar 2014) 4-Hour Elliott Wave Analysis Chart

 


Written by www.ew-forecast.com
14 days trial just for 1€ >> http://www.ew-forecast.com/register

 

Back to homepage

Leave a comment

Leave a comment