S&P 500 E-mini Futures 19th April 2020

S&P 500 Primary & Weekly Cycles

We've seen the S&P 500 push up into the previous break in the Secondary Cycle at 2861.

With the amount of extremely negative fundamentals in the economy, I'm surprised it didn't sell down from the 50% level, instead of going up.

Can it go up higher?

It can go to the 50% level of 2020 at 3007.

What does this mean?

It means, then even though I'm extremely bearish, It actually might find support around the 2020 lows @2637 for the next 3 months.

S&P 500 Emini Futures 12th April 2020

S&P Primary & Weekly Cycles

As mentioned week's ago, retrace of the 50% of the range from the 100% lows in 2020

Thursday's close is exactly the 50% level @ 2785.75% of the range from the 2020 highs and the lows.

It could push up a bit more into 2861, however, everything around these levels are high risk on Longs.

The ideal pattern is a major sell down into the MAY lows.

Another bounce into higher highs, and then it all goes to shite in 2021.

S&P 500 E-mini Futures 8th April 2020

S&P Primary & Weekly Cycles.

As I mentioned a numbers of Weeks ago, the S&P would swing up from the 100% lows in the Primary cycles and move towards the 50% level of the range between the 2020 highs and 2020 lows.

We saw the S&P hit and reach the Weekly highs and also retest the March low breakout @2743, which is what often happens in Bear markets - retest the breakout before it continues lower.

As you know I'm extremely bearish after this retracement,  but it won't surprise me if it takes a number of weeks to unwind.

That bearish sentiment can easily change, once governments start to re-open the economy, but technically it's down into 2021.

S&P 500 Emini Futures 5th April 2020

S&P 500 Primary & Weekly Cycles

There are so many resistance levels in the Above charts, that I can't see the S&P 500 going higher than 2770 (Weekly highs 2735)

Even though I'm expecting lower lows in 2021,  Markets could remain range bound between the 100% lows around 2160/2267  & 2743/70 for the next 6 months.

Nothing has really changed since me previous post.

It just looks range bound for a few months and with the expectation it's going to lower in 2021.

However, there is still the possibility that it does move up to 2770 before going lower