S&P500 Intraday Analysis for August 23, 2024
Rafael Ken Aguilar
SP500·
Aug 23 2024
Stop Loss -1.25%
Holding time 6d3hr
5579.64
Entry price
5509.99
Stop loss price
1
S&P500’s terrific 23.60% fib level pull back rebound pocketed a new buy zone reigniting its previous up wave.
As a result, my August 6’s short trade plan has exited in another loss after holding for 2 days and 4 hours:
https://www.finlogix.com/analysis/20240806/sp500-intraday-analysis-for-august-6-2024
An overall updated record of 2 wins and 4 losses.
Happy Friday.
Upcoming High Impact Economic Reports
The US is set to have 1 remaining high impact economic report this Friday.
The major world indices in general including the S&P500 have continued pushing higher 3 weeks in a row but may have found the latest peak already before the weekend comes.
More economic events at:
https://www.finlogix.com/calendar
Intraday Analysis
Re-assessing the S&P500’s high timeframe candles:
Yearly Candle: Last check is a Green Long Upper Shadow with a Medium Body now a Green Body with a Longer Tail Wick
Monthly Candle: Last check is a Red Body with a Longer Tail Wick now a Green Long Lower Shadow with a Small Body
Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Green Long Upper Shadow
Daily Candle: Previous close is a Red Body with a Longer Head Wick current is a Green Body
Friday’s trading has found support through August 1’s swing high area that followed an aggressive move down.
There’s a threatening new 4H bearish FVG, yes, but if the global markets hear cut rating confirmation from upcoming Fed Chair Powell’s speech and Jackson Hole Symposium, another push up move commences.
Otherwise, if we hear a dovish instance, there will be an upset.
I will still use the lengthy swing low to high move from April 19 to July 17 as the retracement points of view, especially the bullish extension levels.
We may see a new record high ending this 2024 at 6000 levels above.
Trade Plan
Previous trade’s mistake was clearly shorting after a strong rebound from the 23.60% fib level pull back!
I should have shorted it last time for it’s going to that path not after the rebound.
But all good, we have to move on and I will switch to long once more.
Here are the new long order details.
Sell Entry: 5580.00
Stop Loss: 5510.00
Take Profit: 5720.00
Risk to Reward Ratio: 2.00
Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.
Conclusion
Good luck once again.
All trade ideas I share are my own views and for my own trades only.
Trading involves risks.