SPX - Bullish Clues

10 Eyl 2024

Gapped up to start the week and its another gap up today.

We'll obviously have to see this develop to have an idea of whether this bounce will have any strength

But significant pivots often happen with higher time frame gaps such as a weekend gap as we had yesterday.

Notice that the previous two bottoming pivots began with a gap up on the week chart.

This is a little clue that this may be a significant pivot forming.

The bounce has come between the 0.382 and 0.5 retracement.

This is ideal ratio of a bullish recovery.

We'll see how this develops 🧐.

Not advice

10 Eyl 2024

Not

Worth considering also that the FED interest rate decision is coming and we may well see very high volatility following this.

If the volatility is bearish then it can easily drag SPX down, at least in the short term.

It will be interesting to see how the week closes.

10 Eyl 2024

Not

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11 Eyl 2024

Not

Wow enormous whipsaw post CPI and now a scary dump has become a long wicked Dragonfly Doji on the 4 hour chart.

Suddenly looking bullish 😅.

12 Eyl 2024

Not

Has had a very strong bounce.

Momentum is key and notice how this impulse up already looks steeper than the previous wave.

This could be due to post CPI volatility but yet trends tend to maintain trajectory.

So if this keeps moving in this direction; get ready because it could be a wild next wave up.

We're just a few days from FOMC interest rate decision and this is exactly what we want to see 🤨.

15 Eyl 2024

Not

SPX printed a bullish engulf to end the week.

And now it looks like this is the next wave up following a bullish running three wave correction

Bears everywhere waiting for the FED to help them buy the dip, but it really couldn't look more bullish as we approach the interest rate decision next week.

18 Eyl 2024

Not

FOMC in progress.

If the interest rate is cut by 25 basis points then I think the markets may not get too wild since that is what all the pundits are expecting.

And so the markets have probably priced that in already.

If its a 50 point cut then that may signal something is wrong and could spook the market.

So a 25 point cut and all risk on markets may be good to move up after volatility subsides.

Lets see what happens...

18 Eyl 2024

Not

Its a "jumbo sized" half point cut.

Its very hard to know how the markets will react to this half point cut. Some pundits think that such a big rate cut can stimulate growth in a weakening economy, others think that it shows instability and perhaps that the FED have left it too late for a "soft landing."

The markets have looked very stable up to this point.

Let's see what the increased volatility brings.

19 Eyl 2024

Not

Wow, big gap up today and bears getting rekt or left behind ❗️

There could yet be whipsaw in the pipeline but it really couldn't look more bullish here.

As I said before, it looks like a running 3 wave correction has completed and now into the next wave up 👆🏻.

Too funny that before the interest rate cut yesterday, our pals at BlackRock were advising to buy risk off... 😸

But guess what, it looks like the exact opposite is the case and high risk is breaking out ❗️