2-4-2022: SP500 Daily Analysis

 As mentioned in the previous article, SP500 encountered resistance at 4600 level and fell hard and next day touched 4444 level. 

From Wyckoff analysis, SP500 showed sign of strength (SOS) and left trading range and touched 4600 level where it encountered resistance and now testing 4460 level, where its considered as Backing Up (BU), this BU considered as final Last point of support within trading range. As correlation can be seen with above Wyckoff schematics. A successful re-test of 4460 level would make SP500 ready to go up and enter Phase E. Based on PnF count, SP500 can go 4900 level. 

2-2-22: SP500 Daily Analysis

SP500 is up for 4 days continuously, this kind of rally was seen in Dec-2021. SP500 pierced 4500 level with decent spread and volume. As I mentioned in last article, re-testing 4225 level is almost negligible. Last two buying pressure is decreasing, this is evident in the spread and close of the candles. Sellers try to push the price down and every time buyers stepped in, this is bullish condition. Shortening of thrust needs to watched as it exactly happening in the another resistance level 4600, so there is chance of retracing and may re-test 4500 level. Any high spread down bars are potential threat to the bullishness that was created last four days.

Earnings keep next couple of weeks interesting.