Directional Opinion:
On a higher timeframe basis: I cautioned on 8/16/18 the break above $1,183.0 warned of renewed strength. We have seen $4,443.1 We held exhaustion with a $1,274.6 low and rallied $4,354.2. The break above $1,347.0 projected this upward $320 (+) maximum. We attained $4,279.8. We held exhaustion with a $1,412.1 low and rallied $4,214.7. On 4/2/20 we left a bullish reversal below. We have seen $3,989.1. The break above $1,641.2 brought in $3,985.6. The trade above $1,667.8 brought in $3,959.0. The trade above $1,679.5 put this above a major formation --we attained $3,947.3. The trade above $1,716.6 brought in $3,910.2. The trade above $1,752.1 brought in $3,874.7 of strength. The break above $1,769.4 brought in $3,857.4 of strength. On 10/6 we left a bullish reversal—we traded $3,781.6 higher from the 18452 close. The trade above 19409 has brought in $3,685.9 of strength. The trade above 19846 has brought in $3,642.2 of strength. I warned of strength from the 20043 close, we have seen $3,622.5. The break above 20096 brought in $3,617.2 of strength. The trade above 20178 brought in $3,609.0 of strength.
The solid trade above 21484 projected this up $954 (+).
We attained $3,478.4. The trade above 21553 brought in $3,471.1. The trade above 21583 attained $3,468.5. The trade above 22101 brought in $3,416.7. The trade above 22679 has brought in $3,358.9. We held exhaustion with a 22852 low and rallied $3,341.6. The break back above 23020 brought in $3,324.8. The trade above 23276 brought in $3,299.2. The trade above 23437 brought in $3,283.1. On 8/12 we left the moderate bullish reversal—we have seen $3,143.7 from the 24831 open. The trade above 25046 brought in $3,122.2 . The trade above 25375 brought in $3,089.3. On 11/18 we left a bullish reversal below—we attained $3,025.9 from the 26009 open. The trade above 27041 brought in $2,922.1. The trade above 27247 projected this upward $235 (+) maximum—we attained $2,902.1. On 3/3 we left a bullish reversal below—we rallied $2,725.7 from the 29011 open. The break above 29891-850 brought in $2,637.7. The break above 31482 brought in $2,478.6. The trade above 32214 brought in $2,405.4. The trade above 32236 brought in $2,403.2. The trade above 32392 projected this up $115 (+)—we attained $2,387.6. The trade above 33411 brought in $2,285.7. The trade above 33850 brought in $2,241.8. The trade above 34186 brought in $2,208.2. The break above 35640 brought in $2,062.8. The trade above 36658 brought in $1,961.0. The trade above 37143 brought in $1,912.5. The break above 37725 brought in $1,854.3. The trade above 38828 brought in $1,744.0.
These are ON HOLD. We held exhaustion with a 56268 high and rolled over $1,671.4.
This is ON HOLD. On a medium timeframe basis: The trade below 52554 projected this down $740 (+)—we attained $1,300.0. The trade below 52036 brought in $1,248.2 of pressure. The trade below 51606 brought in $1,205.2 of pressure.
These are ON HOLD. We held exhaustion with a 49177 high and rolled over $962.3. The break below 48185 projected this down $185 (+)—we attained $863.1. The trade below 47923 projected this down $205 (+)--we attained $836.9.
These are ON HOLD. We held macro exhaustion with a 39554 low and bounced $799.6—if we continue in a bona fide bullish correction, the minimum target is 49636.
This is OFF HOLD. On a lower timeframe basis: We held exhaustion with a 40190 low and bounced $736.0.
This is OFF HOLD. The break below 46369 brought in $545.7 of pressure. The break below 45886 projected this down $205 (+)—we attained $497.4. The trade below 44227 projected this down $65 min, $500 (+) max—we attained $331.5. The break below 43582 has brought in $267 of pressure. The break below 43043 brought in $213.1 of pressure, the break below 42820 brought in $190.8 of pressure, and the break back below 41949 brought in $103.7 of pressure; but I will no longer mention these. We held exhaustion at 41003 with a 40912 low and bounced $142.5. The trade above 41647 (-7.8 tics per/hour projects this upward $90 minimum, $175 (+) maximum—we have attained $69.0. The trade above 41784 (-7 tics per/hour) projects this upward similarly—we have attained $55.3. If we break back below either decently, look for decent pressure. A maintained gap higher will leave a minor bullish reversal.
Upside: If we break above 42112 (+3.1 tics per/hour) decently and back below decently, look for decent pressure. Get long on a decent break above 42206 (-1.5 tics per/hour) and/or on a pullback thereafter and look for decent strength. If we break above decently and back below decently, look for decent pressure. Sell against a combination of 42590 and 42594 (-4.6 tics per/hour); get long on a decent penetration above either. If we break above either decently and back below decently, look for decent pressure.
Downside: Written from higher call. Get short below 42124-080 and look for pressure—likely decent. Buy against 41720 (-7 tics per/hour starting at 6:00am); get short on a decent penetration and/or on a pullback thereafter and look for decent pressure. Get short on a decent penetration below 41771 (-7.8 tics per/hour) and/or on a pullback thereafter and look for decent pressure. If we break below decently and back above decently, look for decent short covering. If we break below 40912 and back above, get long.
