Today SPX showed a nice green candle , this shows powerful comeback of bulls. BUt there is a problem. The candle is without any wick. Usually these candle can sometime be misleading as it can indicate a trap at the same time if the move is very powerful and along with short covering this type of candle can form. Best thing to watch is how market opens on monday 3/29 , it can be a gap up or it can be a red hammer which will test the support. I am bullish on spx. Note there is rsi divergence also and there will be a major pull back which will balance all the indicators and no one knows when it will be and no one can predict.
Why bullish
1- stimulus money and economy opening up will lead too much money into market which will cause , people will spend more company eps will increase.
2- most of the stocks in spx are in oversold territory. They will be bouncing soon
3- market just had crash in march last year usually its difficult to have a crash this soon. Usually crash comes suddenly.
4- most important is DOW JONES IS AT ALL TIME HIGH, IN A CRASH ALL 3 INDICES GOES DOWN.
Ideas here is for entertainment. Do trading at your own risk.
Best strategy to trade - a put butterfly at 3900 level
Why bullish
1- stimulus money and economy opening up will lead too much money into market which will cause , people will spend more company eps will increase.
2- most of the stocks in spx are in oversold territory. They will be bouncing soon
3- market just had crash in march last year usually its difficult to have a crash this soon. Usually crash comes suddenly.
4- most important is DOW JONES IS AT ALL TIME HIGH, IN A CRASH ALL 3 INDICES GOES DOWN.
Ideas here is for entertainment. Do trading at your own risk.
Best strategy to trade - a put butterfly at 3900 level
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retesting of 3945 levels will be done . Idk why it did not showed my lines
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so SPX formed a green doji and ended on near high. This is a bullish setup as bears were unable to bring spx down
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increased in price from the date posted. Power of technical analysis.
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