Is This An S&P 500 Top ,or Pause? Market Insights into Tue Dec 10, 2024

It’s the timeless question that every trader asks themselves after a weak day of market action like what just wrapped up here on Mon Dec 9th. Is this the start of a major top, or just a pause?

Watch the 16-minute video (has captions)>>

• A complete look from Weekly to 60-minute Time frames, including key price levels to monitor
• The next Forecast for the S&P 500 *if* this turns out to be a significant top
• How to layer analysis between time frames to find the hot zones on your charts
• My entire game plan for tomorrow (hence the video length)
• What the RSI Power Zones are telling me right now

Short on Time? Here’s the Key Takeaways from This Video!

Summary of Key Points from the Transcript:

1. Market Overview:
   • The S&P 500 appears to be forming a short-term top as of December 9, 2024.
   • Weekly chart analysis indicates current price action is red but still respects the prior week’s range.
2. Key Levels to Monitor:
   • Weekly support noted at 6036.00; maintaining levels above this suggests room for continued upside.
   • Projected resistance levels that had been met on the daily chart are highlighted at 6081.25 and 6101.75, with pullbacks observed after hitting these levels.
3. Daily Chart Insights:
   • The market is correcting after reaching projected resistance levels.
   • December 6th’s price action shows an Outside Bar (higher high, lower low), and the low of December 3rd’s Doji is a key support to monitor.
4. Forecasting:
   • A potential forecast predicts weakness continuing until December 16, targeting a price of 5912.75 based on time and price analysis.
   • The intersection of Hima’s purple vertical and horizontal lines on the chart is used to identify potential turning points.
5. Intraday Analysis:
   • On the 60-minute chart, support and resistance levels are recalibrated for intraday trading.
   • Significant levels include 6088.50 (Old Bottom now acting as resistance) and 6076 (support turned resistance).
6. Strategy Recommendations:
   • Avoid entering bearish positions at current RSI Power Zones oversold levels; consider selling on recovery rallies instead.
   • Monitoring retracement levels (e.g., 50% at 5983.00) is crucial for gauging potential reversals.
7. Market Trends and Guidance:
   • November 19 marked the last oversold condition, leading to a bottoming formation. Current conditions could mirror that behavior.
   • Continuous monitoring across weekly, daily, and intraday charts is emphasized for precise trading decisions.
8. Additional Training:
   • Hima provides insights through her daily research reports and trading labs as part of the S&P Edge Pro. This week there’s also a bonus live trading sessions for Gann Candlestick students.
9. Key Analysis Takeaways
   • Continued monitoring of the price action is key to determine whether the current down move represents a top or a pullback.