SGS Market Timer Status: SHORT
SHORT as of the close of Friday Jun 03, 2022
Previous SGS Status
SGS is a Long-Term (weeks to months) Timer
Why Market Timing Is A Must
SPX: 3,500 (SPY: 350, 50.0% Fib. Retracement)
There is a good chance that indices reach a bottom or the bottom for the bear market sometime early this week. Likely support levels that could be tested this week for SPX, NDX, and RUT are listed below:
NDX: 10,500 (QQQ: 260, 61.8% Fib. Retracement)
RUT: 1,500 (IWM: 150, 61.8% Fib. Retracement)
As of the close of last Friday (6/17), the value of SGS was calculated to be -1287 and the status of SGS remains SHORT.
S&P 500 Support And Resistance Levels
Support and resistance levels for SPX for this week are shown above. I still expect the Fed to intervene in one way or other to shore up indices as selling continues. I thought once SPX reached 3500, we would see the Fed rushing in but after Powell's new conference last Wednesday, I don't think the Fed intervenes unless either bond spreads or a big hedge fund start to blow up. Without Fed's intervention, SPX could sell further (blue arrows) between now and this fall to reach its PUL-1 (historic uptrend) around 2550.
I am planning to close my SDS positions sometime this week as SPX tests 3500.
SPX: S&P 500 Index SMA: Simple Moving Average
DJI: Dow Jones Industrial Index EMA: Exponential Moving Average
DJT: Dow Jones Transportation Index PDL: Primary Downtrend Line
NAZ: NASDAQ Composite Index PUL: Primary Uptrend Line
RUT: Russell 2000 Index ASL: Active Support Line
OEX: S&P 100 Index ARL: Active Resistance Line
NDX: NASDAQ 100 Index DTL: Dynamic Trend Line
TUL: Tentative Uptrend Line TDL: Tentative Downtrend Line
TLR: Trend Line Resistance TLS: Trend Line Support
Disclaimer: The views expressed are provided for informational purposes only and should not be construed in any way as investment advice or recommendation. Furthermore, the opinions expressed may change without notice.