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Strategies & Market Trends : News Links and Chart Links

SPXL 222.94

+1.0%

Dec 3 4:00 PM EST

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From: Les H	7/8/2022 8:56:12 PM
	of 29601

The S&P 500 (SPX) started July bullish and closed the week near the 30 and 60 minute TDST Resistance levels at 3910.31 on the above 60 minute chart. At the same time, both the 30 and 60 minute timeframes are recording price exhaustion levels with TD Sell Setup 9 counts. Expect weakness early next week as a result. The bullish framework stays in place as long as the cluster of the 60 minute TDST Support level at 3820.40 and the 2 hour TDST Support at 3809.37 holds. Breaking above the TDST Resistance levels especially at 3945.86 keeps the rally going. If the SPX continues to stay strong and rallies, the daily SPX has an active TD Sell Setup @4 which can terminate next Friday, July 15th with a 9 count. The TD Trend Factor at 4041.28 becomes significant if a TD Sell Setup @9 is in close proximity. For the long term, the weekly SPX barely price flipped bullish to close the week, but there is still a lot of work to do to change the bearish landscape. The recent rally has no depth in terms of volume or breadth. At best, it’s operating on a basing pattern which can turn bullish through time. Further lows are still strong options unless the SPX can get above 4130 in the weeks ahead. tradetrekker.wordpress.com

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