S&P 500 Analysis & ETF Trading

[kiy]

NEW HIGHS ON THE WAY...I don't agree...yet...the main reason I disagree is the daily bias will have to change first to be so bullish...it would be best if CCI 20 became oversold...not good at all if all we had was a 30/40 point down and reverse up.

Market Watch 6/20/2018
What do the charts say? They suggest a rally is nigh for the S&P 500, according to our call of the day, which comes from technical analyst Mark Arbeter.( not an objective comment because he's only looking at a chart pattern...not technical indicators...the technical indicators need to support his bullish bias...they don't...)

“On the daily ‘500’ chart, note the backtest of the breakout area near 2,740,” the Arbeter Investments president writes in a note to clients, as he shares the illustration below.

“With this reset, the index should now be able to take out all that resistance near 2,800 on its way to new highs.”

In other words, the S&P has found buyers after falling to what Arbeter views as a key level (2,740), and its next move could be a leg up to a fresh all-time high. The index closed around 2,763 yesterday, after dropping as low as 2,743 intraday.


“I was looking for a pullback to the 2,740 region, as there is both chart and trendline support in that zone.”

Arebeter suggests we’ve just seen a pause that refreshes. The market had “clearly needed a reset,” he writes, as the mood among traders on Twitter, for example, had become too upbeat.

Schwab’s strategists are making chipper comments as well, following the recent global selloff.

“Trade isn’t the only factor driving equity markets,” that shop’s scribblers write. “The rest of the economic and corporate earnings picture is bright and offers a potential counterweight to trade-associated downturns.”
Daily...need above 2780 with momentum to become bullish