SPX - Short term data

17 Şub 2023

Lots of information to pile onto my post on the weekly scale.

Short term direction continues short to 3978.

Short arguments:

• Elliot Wave did not - Expected wave C to go farther to flip it to a wave 3 on long
  
• Fibonacci retracement stopped right at 4178 (50%) - Closes at top and bottom of the initial downtrend
  
• We have crossed 21 EMA currently
  
• All data isn't helping the feds bullish hoorah's on rates for long-term
  

Long arguments:

• Golden cross last week with 50 and 200 MAs
  
• We are still north of that major downtrend between the yellow
  

Outlook:

• Closing below 4070 today would have us below the 21 day EMA
  
• Support around 3980 with 50 MA and our upward rally trend line
  

Hope this helps your analysis.
May the odds be ever in your favour!

17 Şub 2023

Not

So we closed above the 21 day EMA. Shorts sold. Potential Long early next week. Have a great weekend!