S&P 500 is bullish short-term 10/21/22
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On a higher timeframe basis: On 1/18/22 the break below the 4629.25 line warned of decent pressure and negated the medium- term bullish trend we were in since 3/23/20. On 8/22/22 we left a medium-term bearish reversal above, that has brought in 676.75 of pressure from the 4178.75 open. These are ON HOLD. I warned we were in a macro bearish correction/trend against the move up from 2174.00; and likely in the last stretch of the move down from 4808.25. It is likely that this is complete, and we are now in a bullish correction with minimum targets to the upside at 3793.00.
On a lower timeframe basis: On 9/13 we left a minor bearish reversal above—we have come off 466.25 from the 4038.00 open. These are ON HOLD. I warned we were likely in the last stretch of this lower timeframe bearish move down from 4175.00, with an area of possible exhaustion at 3575.75. We held this with a 3571.75 low and have bounced 237.00. The decent trade above 3640.00 (+35 per/hour) I said would warn of decent strength and likely further this into a lower timeframe bullish correction—we have seen 168.75. The maintained gap higher yesterday left the moderate bullish reversal below warned about. Decent trade below 3711.75 will negate this. Today has a good likelihood of seeing range expansion. LINK TO ADDITIONAL ANALYSIS ON WEBSITE.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold, Bitcoin, and Energy complex. 'Decent penetrations' are specific amounts and provided to clients daily as well. If you are interested, please feel free to reach out.
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