SPX Daily TA Cautiously Bullish
SPXUSD Daily cautiously bullish. Recommended ratio: 70% SPX, 30% Cash.
*Equities Futures, Precious Metals, EURUSD and Cryptos are up slightly while DXY and US Treasuries are down before market open this week. All eyes will be on August CPI this Tuesday, if it comes in at consensus (8.1%) or lower, markets will likely rally in the near term; however, in the event that CPI surprises to the upside, it's reasonable to expect a reactionary sell-off. Key Upcoming Dates: August CPI at 830am EST 09/13; The Merge (Ethereum) at ~8pm EST 09/14; US August Retail Sales at 830am EST 09/15; UofM Consumer Sentiment Index at 10am EST 09/16; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently trending up at $4067 as it attempts to break above the 50 MA at ~$4030; the next resistance is at $4175. Volume remains Moderate (high) and has favored buyers in the last three sessions. Parabolic SAR flips bearish at $3890, this margin is neutral at the moment. RSI is currently trending up at 51 as it approaches a retest of 52.68 resistance. Stochastic remains bullish and is currently testing 48 resistance with no signs of peak formation, the next resistance is at 76. MACD remains bearish and is currently trending up slightly at -30 as it attempts to form a bullish crossover by getting above ~-15.50 (which coincides with -11 resistance). ADX is currently trending down at 20 as Price is pushing higher, this is mildly bearish at the moment.
If Price is able to flip 50 MA resistance to support at ~$4030 then the next likely target is a retest of $4175 resistance. However, if Price breaks back down below the 50 MA at ~$4030, it will likely retest $3938 minor support. Mental Stop Loss: (two consecutive closes below) $4030.
*Equities Futures, Precious Metals, EURUSD and Cryptos are up slightly while DXY and US Treasuries are down before market open this week. All eyes will be on August CPI this Tuesday, if it comes in at consensus (8.1%) or lower, markets will likely rally in the near term; however, in the event that CPI surprises to the upside, it's reasonable to expect a reactionary sell-off. Key Upcoming Dates: August CPI at 830am EST 09/13; The Merge (Ethereum) at ~8pm EST 09/14; US August Retail Sales at 830am EST 09/15; UofM Consumer Sentiment Index at 10am EST 09/16; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently trending up at $4067 as it attempts to break above the 50 MA at ~$4030; the next resistance is at $4175. Volume remains Moderate (high) and has favored buyers in the last three sessions. Parabolic SAR flips bearish at $3890, this margin is neutral at the moment. RSI is currently trending up at 51 as it approaches a retest of 52.68 resistance. Stochastic remains bullish and is currently testing 48 resistance with no signs of peak formation, the next resistance is at 76. MACD remains bearish and is currently trending up slightly at -30 as it attempts to form a bullish crossover by getting above ~-15.50 (which coincides with -11 resistance). ADX is currently trending down at 20 as Price is pushing higher, this is mildly bearish at the moment.
If Price is able to flip 50 MA resistance to support at ~$4030 then the next likely target is a retest of $4175 resistance. However, if Price breaks back down below the 50 MA at ~$4030, it will likely retest $3938 minor support. Mental Stop Loss: (two consecutive closes below) $4030.
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