SPX - A new all-time highs become more likely

TRIGGER TRADES
05-12

$S&P 500(.SPX)$ Despite the bullishness, both the bull and bear scenarios point to a MAJOR PULLBACK looming, as the rally from the April 21 low nears completion

Measured targets of 5877-5950 should terminate the rally, with the cross of the 50% retracement from 05/07 being a warning sign it is complete - currently 5713.

I am looking at price to return to the Daily FVG at 5642-5582 for both variations. The bull case sees this pullback as a 4th wave, setting up for a multi-week rally to complete the 5th.

For bears, a Daily close below 5582 followed by a breach of the 50% retracement of the April 21 rally would confirm the bear market. However, if we break 5930, new all-time highs become more likely.

$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2506(ESmain)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2506(NQmain)$

ImageImage

ImageImage

For whom haven't open CBA can know more from below:

🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly!

Find out more here：

S&P Hits 6000! Will CPI Drop on Cue and Fuel the Rally?
As S&P 500 breaks 6000, more upside is coming or warn of potential pullback? US CPI will release this week. Will the market choose its direction this week? Heading south or north? Are we really back in a bull market?
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
1
18