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.

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.

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.

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.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

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

S&P500 Intraday Analysis for August 23, 2024

Aug 23 2024

Stop Loss -1.25%

Holding time 6d3hr

5579.64

Entry price

5509.99

Stop loss price

1