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S&P 500 – Still in temporary pullback mode

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Colins-Technical-Takes.jpg

Recommendation: HOLD/LOOK TO BUY

Current Trend: Up on all main timeframes.

Strategy: Hold (with caution). Otherwise buy a close above line 5, if not in.

sp500 16 November chart.png

 

  • The price has pulled back over the past week with two distinct ‘bottoming tails’ (bullish reversal candles) occurring (Tuesday night and last Thursday). It does want to go higher, but is in a temporary consolidation phase.
  • There is support at lines 2 and 4 (2565), which was tested last night. My bias is still up (although it’s possible we get a deeper pullback before heading higher). It has a higher target from channel 1-2 (to 2615).
  • Hold if you’ve bought the current pullback. If not in, wait for a close above line 5 before buying. (Line 5 is at 2581 for Thurs. night 16th and it’s declining by 3.00 pts per day thereafter).
  • Up to 2615, based on channel 1-2. In the meantime, if the price continues down from here, look for important support at line 3, at 2541.
  • A close below 2563 (as given in last week’s note). From 2600 take partial profits, and raise stop to a prior one-day low on the remainder.

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