SP500 FUTURES closed down. The market awaits Powell’s reassurance. Powell is expected to state the same comment: No inflation. Keep buying bonds. 0% interest rate. FED to maintain its dovish stance. More than likely, the indexes could move higher after the announcement. The S&P 500 closed a tiny bit in the red today. The FOMC… Continue reading SP 500 FUTURES Stays Afloat above Support 4176
Overview Not very much has changed since last Friday. The market sentiment is still cautiously bullish even though more and more people expect the market to correct soon. In today’s SP 500 Futures Renko char, it is apparent SP 500 Futures closed at a all time high. It cleared the previous resistance at 4176. In… Continue reading SP 500 FUTURES Renko Chart above 4176 Resistance
Overview The W Double Bottom pattern is visible on both the daily and hourly SP 500 FUTURES Renko charts. However, confirmation is lacking because the index failed to close above the most recent all-time high close, 4176. Perhaps Monday will be the day to officially confirm the W. What’s Next The 4176 level is critical. It… Continue reading W Pattern Double Bottom Is a Reliable Bullish Trading Signal
Market was up, but turned lower because of the ‘tax-the-rich’ comment. Looks like a forced sell-off. Market is looking for a reason to correct. Nonetheless, I think the sell-off is short-lived. The overall market sentiment remains bullish. In addition, the ‘tax-the-rich‘ policy is difficult to get enforced. On the daily Renko chart, is it building… Continue reading SP 500 FUTURES Building M or W – Bullish or Bearish?
The market was overbought, so the retreat appears to be normal. Despite this, the 4,110 support level appeared to be fairly firm. From here, the SP 500 should be able to recover. What a surprise. We had another down day. On the daily Renko chart, the RSI is falling like a rock from 97 to… Continue reading SP 500 FUTURES Bullish Sentiment Should See 4110 Holding
Today’s pull back was insignificant although widely expected. The fall began on Sunday evening after the Asia open. It was gradual and slow and tiny. In the final half an hour before the New York close, it recovered 17 points rapidly amid a frenzy of buying yet again. RSI is at 84, down from a jaw-dropping… Continue reading S&P 500 FUTURES Daily Renko Chart 4/19/2021 – A Disappointing Widely Expected Pullback
Below is the S&P 500 Futures daily Renko chart. The RSI is 97, and the price is 4176. The index continued to be resilient and a correction seemed impossible. The earnings season will get into the full force in the next two weeks. With the big tech companies reporting their numbers, the market should be… Continue reading S&P 500 FUTURES Daily Renko Chart 4/16/2021 – RSI Is Approaching 100.
Below is the S&P 500 Futures Daily Renko chart. No changes. Currently, the RSI is 95 when the Price is 4128. If today is another up day, it’s simply pushing the RSI higher. On the hourly Renko chart, it is very obvious that the price and the RSI have diverged.
The weekly Parabolic SAR turned bullish on the week of 10/20/2020. By 4/20/2021, it will have accomplished an incredible uptrend for 6 months without any major correction. This morning, Goldman Sachs delivered the mind blowing quarterly results. The futures of the 3 major indices are up. JetBlue got upgraded. Its stock price has returned to… Continue reading S&P 500 Weekly Parabolic SAR Chart 4/14/2021 – 6 Months up and More? What a Rosy Picture for Us All.
Below is the S&P 500 Futures Daily Renko chart. RSI = 95. Price = 4130. Yet, another up day. Analysts are coming out and saying the stock valuation may be too low because the earnings are too strong. One analyst says Amazon is way under valued. It is worth $5,000 a share. Yesterday, I… Continue reading S&P 500 FUTURES Daily Renko Chart 4/13/2021 – Sky Is the Limit. The Index Will Never Fall Again. Ever.