S & P 500: could be bullish soon…

Long term basis: bullish above UM (at the close)

On a yearly basis, the status for our MACD is a bearish divergence. Furthermore, our MACD and stochastic are overbought at the same period. As long as our M7 is up, the main pattern is always a bullish parallel one. Below MY, a collapse could develop.

On a quarterly basis, a bearish A type crossover is in progress with our 7 / 23 quarters moving averages. A bullish no-crossover is in progress with our stochastic. As long as UM proves to be a resistance, the rise in progress is only a technical recovery.

On a monthly basis, Bollinger bands spread is wide. The status for our 7 / 23 months moving is a PEI. The status is the same for our MACD. UM is our main target.

Idea: not bullish as long as MQ proves to be a resistance at the close

Bet: towards UQ if UM fails as a resistance (at the close + LM trend down)

R = UM (1248), +;    S = MM (1081).

 

Medium term: parallel qualification

On a weekly basis, a parallel qualification is in progress.

Idea: use bullish parallel rules

Bet: end of parallel with an overbought status for our MACD.

 

R = UM (1248);    S= PW (1173), MW (1142)

 

Short term: flat

On a daily basis, UD / LD spread is wide. UD could act as a resistance. If MD proves to be a support, a bullish pre-parallel pattern could develop.

Idea: recovery with an oversold status for our stochastic

Bet: bearish below LD.

 

R = UD (1228);                   S= MD (1200), LD (1171)

 

Conclusion:  above UM (at the close) is not ruled out.

 

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