Ahoy there Trader! ⚓️
It’s Phil…
It’s been a week of twists and turns—both in the markets and personally (a torn back muscle from coughing? Really?). The SPX bullish swing bias from Friday held up, pushing through 5940, but conflicting patterns have me watching carefully for what’s next. Let’s dive in.
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SPX Deeper Dive Analysis:
Conflicting Signals Abound
SPX has pushed through my official bullish trigger at 5940, which aligns with the continuation of the bullish swing bias discussed last Friday. Adding to this bullish case is a textbook double-bottom pattern on the charts, with its apex at 6050 as the next key level to watch.
However, There’s a Fly in the Ointment
Despite the bullish push, the daily chart is throwing out mixed signals. We’re still contending with the same head-and-shoulders pattern we’ve been tracking as seen on the daily chart, which suggests bearish potential if price drops below 5850.
Adding to this uncertainty, yesterday’s intraday price action saw an early rally followed by a sell-off into the close, forming a candle with a large upper wick. My first thought when I see this pattern?
Expect a pause in movement today before any clear direction unfolds.
Patience with the Tag ‘n Turn
On the 30-minute chart, and from a trade perspective, I remain bullish in some of my positions, and I will be looking for a conservative trigger in my SPX Tag ‘n Turn setup before flipping to a bearish bias again given the directional uncertainty.
This directional conflict (and my trip to the hospital yesterday) means my bullish bias remains intact for now, and I’ll continue to hold my existing bullish positions.
What I’m Watching Next
- A push through 6050 would trigger the double bottom and continue the bullish momentum.
- A break below the 5950 level will act as my new bear trigger for assessing bearish trades.
For now, I’m keeping my trading decisions conservative and relying on the SPX Tag ‘n Turn system to provide clear triggers before making any major moves.
Fun Fact
Did you know? The first-ever ETF, the SPDR S&P 500 ETF (SPY), launched in 1993 and is now the most traded security in the world. It regularly trades over 70 million shares daily.
SPY revolutionized investing, offering a way to trade the entire S&P 500 like a stock. It’s no wonder it’s a go-to tool for both retail and institutional traders, especially when the market’s doing its hokey-cokey!
Happy trading,
Phil
Less Brain More Gain
…and may your trades be smoother than a cashmere codpiece