The S&P500’s bearish tone has changed after its bulls have completely overturned the tables from the very crucial flipped S/R 5000 level.

As a result, my April 16 short trade plan has hit its stop loss level:

https://www.finlogix.com/analysis/20240416/sp500-intraday-analysis-for-april-16-2024

An overall updated record of 2 wins and 2 losses.

Join me as I share new insights for the S&P500 index this Thursday.

The US is scheduled to have an Unemployment Claims data release tonight and 30-y Bond Auction plus Prelim UoM Consumer Sentiment tomorrow after a quiet first 3 days this week. 

Re-assessing the S&P500’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Head Wick since last check

Monthly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Body

Weekly Candle: Previous close is a Green Long Lower Shadow current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is developing a Red Semi Long Lower Shadow

After an April sell-off month, the S&P500 bulls have held ground above the crucial 5000 level that helped its price to continue to recover this May.

Previous weekly candle close have rejected the bears and current week has touched the 5200 level with some minor pullbacks.

This is a good bullish sign for more upside price actions to come.

Based on my updated 4H charting above, the flipped S/R 5000 level got confirmed last week forming a nearby double bottom pattern.

This move has resulted in a series of bullish actions like the lower low trendline is broken and the recently found higher low trendline gets extended with a silver crossing move that breaks the lower high trendline afterwards.

This LH in return got backtested sending the price higher.

We might see some drawbacks intraday but the index will find bids down low as price approaches near the helping higher low trendline which coincides well with the incoming golden SMA crossing move.

For now a new all time high is possible once the index bulls continue to wreck down the short position's stop loss levels.

With last Friday’s 4-0 weaker than forecasted major US economic results have helped the opposing markets on their recovery rally, so I will open a long position on potential pullbacks.

Here’s the new long entries to observe:

I should have listened to my temptation to long the S&P500 last time.

Good luck and let’s see how this one goes.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

S&P500 Intraday Analysis For May 9, 2024

May 09 2024

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