The S&P 500 for 6/07/2020

#Brent #Dax The Nasdaq, now sailing higher than ever before, may perhaps be giving a suggestion of what’s ahead for the S&P and Wall St. We struggle to find any logic behind the Nasdaq behaving as if Covid-19 has never happened but suspect arithmetic may have something to do with it. One of these silly stock market sayings, ‘the price needs to go down before it goes up!’ often has a basis in fact.

In the case of virtually everything, either in the UK or the USA, the associated arithmetic threatens some extraordinary price movements once shares, index’ and commodities start exceeding recovery trigger levels. In the case of the S&P, we’re inclined to regard the Nasdaq as creating a recovery benchmark and this calculates at 3,229 points for the SP500 index. The Big Picture calculates with movement next above 3,229 providing an ambition of 3,400 points initially with secondary, if exceeded, giving 3,566 as a pretty major point of interest.

Visually, achieving our initial 3,400 will doubtless provide some hesitation, thanks to it matching the pre-Covid-19 high of February this year.

With all this potential excitement, it’s probably worth looking for any near term scenario which should prove capable of hitting a trigger level. Allegedly, moves next above 3,200 (The immediate Blue downtrend) should bring travel to 3,266 initially with secondary, if bettered, at 3,304 points. Given both targets threaten the trigger level of 3,229 being exceeded, this should give early warning of some Big Picture arithmetic kicking in.

 

For things to start going seriously wrong, we do have a couple of items worth considering. Firstly, below 3,000 points risks breaking the immediate uptrend, allowing reversal to an initial 2,773 with secondary, when broken, down at 2,407 points.

Hey, chart goes here

FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
10:03:08PM BRENT 42.83 42.32 42.1 41.83 42.67 43.3 45.34 54.12 42
6:48:25PM GOLD 1776.08
6:53:59PM FTSE 6177.52 ‘cess
6:58:24PM FRANCE 5022.7
7:02:18PM GERMANY 12585 12470 12447.5 12375 12559 12600 12641.5 12698 12534 Sorry
7:03:50PM US500 3125.62
7:06:16PM DOW 25755 Success
7:07:53PM NASDAQ 10340.87
8:04:28PM JAPAN 22203 ‘cess

 

3/07/2020 FTSE Closed at 6157 points. Change of -1.33%. Total value traded through LSE was: £ 3,213,499,960 a change of -37.56%
2/07/2020 FTSE Closed at 6240 points. Change of 1.35%. Total value traded through LSE was: £ 5,146,759,435 a change of -4.07%
1/07/2020 FTSE Closed at 6157 points. Change of -0.19%. Total value traded through LSE was: £ 5,364,963,061 a change of 0.93%
30/06/2020 FTSE Closed at 6169 points. Change of -1.15%. Total value traded through LSE was: £ 5,315,656,653 a change of 10.43%
29/06/2020 FTSE Closed at 6241 points. Change of 1.33%. Total value traded through LSE was: £ 4,813,785,764 a change of 2.33%
26/06/2020 FTSE Closed at 6159 points. Change of 0.2%. Total value traded through LSE was: £ 4,704,232,985 a change of 0.38%
25/06/2020 FTSE Closed at 6147 points. Change of 0.39%. Total value traded through LSE was: £ 4,686,605,937 a change of -15.87%

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