Index Market Outlook | S&P500

Friday, 13th July 2018

Note: I use New York Close Chart for all my Trading Analyze.

S&P500

As noted, Monday’s break above 2785.00 confirmed that the counter-trend decline in the S&P 500 index from 2795.75 since the June 13 high is technically over and the dominant uptrend is reasserting its dominance. Since then, the S&P 500 had been pushing higher in spite of the breakout of a full-blown trade war between the U.S. and China. 

The index is currently just a touch below the March 13 high of 2807.00 and may attempt to push beyond this level to trigger buy-stops above this level.

In the near-term, this push may take the index towards 2827.00 to complete the 5-wave sequence from the June 28 low of 2693.00. 

This could be followed by a corrective pullback into the nearby demand zone at 2767.50 – 2780.50 before taking off again. 

This next rally could be aggressive. As mentioned in the last update, a recount of the wave structure now suggested that a bottom may already be in place at 2693.00 and the rise from there till last night’s high is possibly the first leg of another 5-wave rally. 

In this scenario, the next pullback into 2767.50 – 2780.50 is very likely to be the last chance to position for the next upswing.

Once this leg ends, the next sequence is for a powerful rally to surge way beyond the June 13 high of 2795.75 for a massive recovery into new highs for the rest of the year.  

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