Today’s S&P trade highlighted below and posted at the close on the previous day to run until the next day’s close, saw my 2336.70 bottom hold. The challenges to 2336.70 within the 24 Hour Trade were located at 2341.22, 2339.75 and 2338.50. The S&P’s bounced higher each time price traded near bottom.
The high for today was 2356.02 at the higher end of the price curve and traded between intervals from 2355.16 to 2357.44. The 2366.23 target was ambitious as not only was 2357.44 at the highest end but 2360.74 was a vital range break. Overall 17.52 range for today was located from 2338.50 to 2356.02 and th best day for the S&P’s all weel.
S&P Trade March 22nd to 23rd.
Target: 2366.23 with caution at range point at 2360.74.
Levels to target: 2348.48, 2348.95, 2348.97, 2350.93, 2351.18, 2355.16, 2357.44, Target 2366.23.
Range breaks above: 2360.74 and 2397.63, Below 2336.21, 2300.27 and 2299.26
The new S&P trade to run from today’s 2345.96 close, March 23, to close March 24.
Upper target 2363.72.
The levels to target: 2346.25, 2346.46, 2348.44, 2349.35, 2351.83, 2352.76, 2357.46.
The target price again is ambitious as the end of the price curve ends at 2357.46 but upper range points rose today from Wednesday’s 2360.74 to 2383.39.
Upper range breaks begin at 2383.39 then 2395.09. Below holds strong supports at 2309.11, and 2297.83.
The vital aspect to a range S&P market is the Fed Funds raise by Yellen. Fed Funds Effective skyrocketed from 0.66 to close since the announcement at 0.91. Yellen not only hurt DXY’s further rise but bond yields dropped and continued its drop days after the formal announcement. The press conference and any spoken word by Yellen was unnecessary as the raise alone was the impetus to drop DXY, yields and stock markets. Yields must rise to see a continued upper direction in the S&P’s.