S&P 500: I'm Chasing This Rally (Technical Analysis)
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Andrew McElroy17.77K FollowersFollow5ShareSavePlay(8min)CommentsFollow us on Google for the latest stock newsFollow Seeking Alpha on Google for the latest stock newsSummaryThe S&P 500 remains in an ultra-bullish technical setup, with no current reason to sell as long as 7046 and 7002 supports hold.Upside targets are 7424–7490, guided by Fibonacci extensions and measured moves, with potential for a blow-off top before a reversal late May/early June.Short-term pullbacks to 7100–7120 may offer buying opportunities; a break below 7046–7002 would shift the outlook and warrant caution.Key macro risks include the Strait of Hormuz closure and oil price spikes, but price action suggests markets are optimistic of a resolution. asbe/iStock via Getty Images If you trade headlines, you probably didn't buy the S&P500 (SPY) last week or expect it to make a new high. The Strait of Hormuz was closed, peace negotiations faltered, and oil rose back to around $96/bbl, 20% higher thanThis article was written byAndrew McElroy17.77K FollowersFollowAndrew McElroy is Chief Analyst at Matrixtrade, author of the ebook 'Fractal Market Mastery' and producer of the 'Daily Edge.' The 'Daily Edge' is emailed before each US session and outlines actionable ideas, directional bias, and important levels in the S&P500. It also looks at 'What's Hot,' on any particular day, whether it is commodities, stocks, crypto, or forex. Andrew has developed a top-down proprietary system that starts with his weekend Seeking Alpha article focusing on the higher timeframes. Fractals, Elliott Wave, and Demark exhaustion signals are all incorporated, as are macro drivers and analysis of the market narrative. It is much more than just a few lines on a chart - it is a system developed over 15 years and proven to deliver a consistent edge. An independent trader since 2009, Andrew manages a family portfolio of stocks and ETFs with his wife and fellow Seeking Alpha contributor Macrogirl.Analyst’s Disclosure: I/we have a beneficial long position in the shares of VOO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.