First gap above is 2970,50. Let's start with that one. 3,53 % from yesterday's Close. It could happen today.
We're set to open with a strong gap up here. Two basic scenarios: 1. We pullback on the Open and then continue trending higher with the HOD most likely late in the day. 2. We fail and reverse at these levels for a trend day sell going back into yesterday's range. I'm leaning strongly on scenario 1, but will need 15/30 minutes to confirm.
Not everyone. Cash SPX 2930 up to 3124.25 by May opex is my map for now. I think that range is minimum to be expected - not a cap. It doesn't have to be up everyday, but it can. Doesn't have to pullback onto the 2700's first, but it can. I typically don't worry about how it arrives at targets, just that it arrives And if it doesn't, then that tells us something important as well. But I agree - lots of bearishness afoot on the interwebs. Tonight we hear from The Google. We know they will likely tell us ad demand is down, revenue is down, but they will not offer guidance. Tomorrow morning, does the market react bull or bear to that? That, imo, may be the tell. I am not making a judgement about fundamentals. I am simply saying that that will be a true tell of near term sentiment. I prefer to trade bull markets, so I'm fine if we go to ATH's and beyond.
@Laissez Faire, Thanks for the quantitative look. It confirms my real-time observational analysis in that the overall liquidity and pricing is fine, although the liquidity is not present at every tick increment. This applies to each of the micro-index products in my observational studies. Since you analyzed each OHLC data point, further detail can be had by looking at only H & L with differences, and determining which product, mini or micro, had the print. Applying this detail to O & C however, is not useful as O & C are fully dependent on the time of trade/print, irrespective of the price. Again, thanks for the your work.
MM Target of any opening up thrust would be 2920 based on the move from ON low of 26th to yesterdays high. A larger opening down move could find buying at 2882 - HWB of the ON upmove plus the high of yesterday