Getting Technical With The S&P 500 Index [SPDR S&P 500 ETF Trust, ProShares UltraPro S&P 500 (ETF), ProShares Short S&P500 (ETF)]

technical chart lookCorey Rosenbloom: What S&P 500 levels are we watching and what are we planning for the immediate trading strategies this week?

Let’s start with the Daily Chart and plan a “Pullback Pathway” tempered with an “Alternate Breakout”Plan:

SPX S&P 500 SP500 Daily Chart Pathway Planning Trend Pullback Retracement

As I continue to highlight in the Game-Planning Daily Membership, classical odds favor a pullback or retracement down against the 1,875/1,880 index level.

We’ve seen four reversal candles at the highs along with a negative momentum and volume divergence.

While that certainly doesn’t guarantee a pullback, it does suggest that the logical thesis would be to expect a retracement down from current resistance at least toward the 1,850 confluence of the rising 20 day EMA and prior price high polarity level.

I also highlighted prior events where price broke to new highs, triggering an immediate “Short Squeeze” or upside breakout to continue the trend.

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