Tag: $SPY-$ES-$SPX

The Weekend Review of the Markets: No Looking Back

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Happy weekend, traders. In this weekend’s article, we’ll look at the local price action of the S&P 500, consider some bearish and bullish alternatives in general, look at the long-term picture and we’ll look at some developing structures on some assets.

In Thursday’s update, I discussed my creeping doubts about a more bullish outcome in the short-term because of the NDX’s nasty stank price action. Its smashed appearance on Thursday called into question an impulsive leg up and I offered an alternative that looked for lower prices on Friday, and that turned into an understatement.

The Bearish Alternative

As things stand now, we face a bear flag on the SPX that looks like this:

SPX

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Market Update for Thursday, September 14th, 2023

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Good afternoon, traders.

Yesterday we had good reason to suppose that we might move up, and that worked. The S&P 500 gapped up over not only this green trend line, but it also gapped up over the 50-day SMA and then rallied most of the day:

SPX

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Market Update for Monday, September 11th, 2023

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Good afternoon, traders.

At the end of last week I said that I thought the S&P had produced a very good-looking impulse wave up, and because of that I thought more upside was possible from there. And we got that right from the open with a strong gap. That gap put us right into the gap we made on our way down, and it remained as resistance as it produced some selling pressure right from today’s open and we smashed against it for much of the afternoon, but we weren’t able to enter it again:

SPX

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