SPX Daily TA Cautiously Bullish
SPXUSD daily guidance is cautiously bullish. Recommended ratio: 70% SPX, 30% Cash.
*Equity Futures are up to start the week and Cryptos are currently seeing some Sunday Scaries, this particular combination typically bodes well for the Equity bulls in Monday's trading session. DXY is up and US Treasuries are down. Today Russia accused Ukraine of planning to detonate a 'dirty bomb' (an explosive with radioactive elements) with hopes of blaming Russia for using weapons of mass destruction and instigating a response from NATO. Key Upcoming Dates: S&P US October Manufacturing PMI at 945am EST 10/24; US October Consumer Confidence Index at 10am EST 10/25; US September New Home Sales at 10am EST 10/26; 20th and Final GDPNow US Q3 GDP estimate 10/26; US Q3 GDP First Estimate at 830am EST 10/27; US September PCE Price Index at 8am 10/28; FOMC Statement at 2pm EST 11/02.*
Price is currently trending up at ~$3752 after bouncing from $3658 minor support, the next resistance is the lower trendline of the descending channel from August 2021 at ~$3800. Volume is currently High (low) and trading in the third largest supply/demand zone as it broke a three day streak of seller dominance with a green close in Friday's session. Parabolic SAR flips bearish at $3507, this margin is mildly bearish at the moment. RSI is currently trending up at 51 as it approaches a retest of 52.68 resistance for the first time since 09/12/22. Stochastic is currently crossing over bearish at 88 in the 'bullish autobahn zone', as long as it stays above ~85 this would still be bullish. MACD remains bullish and is currently testing -43.84 resistance for the first time since July of this year. ADX is currently trending down at 29.36 as Price keeps pushing higher, this is mildly bearish at the moment.
If Price is able to continue up here then it will likely retest the lower trendline of the descending channel from August 2021 at ~$3800 as resistance before potentially retesting the 50 MA at ~$3900 as resistance. However, if Price breaks down here, it will likely retest $3658 minor support. Mental Stop Loss: (one close below) $3658.
*Equity Futures are up to start the week and Cryptos are currently seeing some Sunday Scaries, this particular combination typically bodes well for the Equity bulls in Monday's trading session. DXY is up and US Treasuries are down. Today Russia accused Ukraine of planning to detonate a 'dirty bomb' (an explosive with radioactive elements) with hopes of blaming Russia for using weapons of mass destruction and instigating a response from NATO. Key Upcoming Dates: S&P US October Manufacturing PMI at 945am EST 10/24; US October Consumer Confidence Index at 10am EST 10/25; US September New Home Sales at 10am EST 10/26; 20th and Final GDPNow US Q3 GDP estimate 10/26; US Q3 GDP First Estimate at 830am EST 10/27; US September PCE Price Index at 8am 10/28; FOMC Statement at 2pm EST 11/02.*
Price is currently trending up at ~$3752 after bouncing from $3658 minor support, the next resistance is the lower trendline of the descending channel from August 2021 at ~$3800. Volume is currently High (low) and trading in the third largest supply/demand zone as it broke a three day streak of seller dominance with a green close in Friday's session. Parabolic SAR flips bearish at $3507, this margin is mildly bearish at the moment. RSI is currently trending up at 51 as it approaches a retest of 52.68 resistance for the first time since 09/12/22. Stochastic is currently crossing over bearish at 88 in the 'bullish autobahn zone', as long as it stays above ~85 this would still be bullish. MACD remains bullish and is currently testing -43.84 resistance for the first time since July of this year. ADX is currently trending down at 29.36 as Price keeps pushing higher, this is mildly bearish at the moment.
If Price is able to continue up here then it will likely retest the lower trendline of the descending channel from August 2021 at ~$3800 as resistance before potentially retesting the 50 MA at ~$3900 as resistance. However, if Price breaks down here, it will likely retest $3658 minor support. Mental Stop Loss: (one close below) $3658.
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