We hardly ever publish short term forecasts. Today, exceptionally, we’ll do a short term forecast of the S&P 500. This chart, along with some other charts, were sent to our premium Trade Alerts members in today’s weekend update.
As per our charting analysis we believe coming Wednesday +/1 trading day might bring clarity on the bullish intent of the S&P 500 index. One of the charts we featured in our education weekend update to premium members is the one embedded in this article.
- IF the S&P 500 will resolve higher, it will do so mid-week.
- IF the S&P 500 does not resolve higher next week, it is likely going to test again the 4060 level which might not necessarily come with a bigger sell off.
In the end the S&P 500 is now trading for 30 full sessions sideways, in a narrow range. That’s a long time, and many traders will have been fooled in this consolidation! Our short term trading results were positive, contrary to the vast majority of short term traders that trade the S&P 500.
How are we playing the forecast that comes out of our chart analysis, as featured on below chart? Not! We don’t use any forecast in our short term trades. We let our advanced algorithm do the work, and wait for buy and sell signals that come out of our algo.
Our S&P 500 Trade Alerts portfolio is up since March of this year, a period in which most traders have struggled and lost against the S&P 500 index.