Bill Gray
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S&P 500: my expectations

Greetings to all US traders! Let’s take a look at the daily S&P 500 chart.

 

The price has recently bounced from the fresh high it has set for many days in a row. I drew trend lines from 1,341.70 and 1,476.03, as well as the median band line from 1,424.89. This median line currently acts as the support level. The price has attempted to break through this level for several weeks already. I expect it to go down to the horizontal support level of 1,773.99. To be sure, look at the moving averages (I didn’t show them on the chart). They reversed south. In addition, the MACD points to divergence, which has already been factored in. In view of the above, I sold from 1,806. Ahead of Friday, I intend to close my positions when key macro data are released, as they will give us some new ideas and movements.

After that, let’s try to conquer 1,900.