Trading signals and market predictions for SPX cash sessions.
S&P500, E-mini futures, daytrading, SPX, Market forecast.
buy-sell
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I prefer the bullish side of trading as it is much easier to time market bottoms than market tops.
We have now reached a price level where I cannot just ignore what charts are foretelling.
I think we are inn for a second leg down of this recent correction (wave C) and that this should start today or by Monday. This could be a quick correction that ends by this month of August.
The S&P 500 is on worrying triple top pattern and is expected to complete a sell setup following a higher weekly bar close with a higher high above 2964.15. This will result in a double sell signal:
TD Countdown sell
TD Combo sell
This higher close on weekly bar should complete this week starting July 1th, 2019.
The same triple top pattern is visible also on the Dow Jones industrial average chart. As the middle top is still the higher top, this could be described as Head & Shoulder formation.
#DJI wekkly chart
Nasdaq Composite index is telling the same story on weekly chart, where it is expected a higher closing weekly bar forming a triple top at 8164 level. That would complete the ongoing TD sell countdown (giving a blue no. 13) in addition to the previous TD Combo sell signal from early May (yellow no. 13).
#Nasdaq Composite index weekly chart
A TD countdown sell signal is also triggered on the monthly Russel 2000 chart, this signal would be perfected if we trade and cross 1670.805:
#RUT monthly chart
Volatility index, TVIX is suggesting a lower weekly bar to complete the buy setup, thus confirming the bearish scenario starting from second week of July:
Velocity ondex #TVIX weekly chart
In the following chart, the German index DAX is at triple top resistance area, on a lesser time frame chart this index is also approaching a sell signal:
#DEU30 - German index weekly chart
Notice how all the above mentioned index shows sharp V formed rallies and none of them has yet retested the lows, a common phenomena to be expected based on historical similar chart patterns. In my opinion, that is where the market will return.
Expect a sharp decline for a retest of early June lows and perhaps much lower!
