Pre-signals for a reversal rally higher in the S&P 500 emerged in related symbols’ charts today. Also, some reversal candles exist intraday below my projected weekly reversal zones/lows. Do be aware of trending S&P pivots’ opposition to reversals for this entire week and that no S&P 500 signals exist yet.
Major U.S. benchmarks posted a strong overnight session gaining about 0.5% across the board. The S&P 500 held major three-star support and finished Monday about 0.5% from its low. While the geopolitical front has remained calm, the market has benefited from slight relief in Treasury yields, a solid showing from Alphabet’s earnings and the wheels turning in Washington.
My “Euro on the go!” headline last week preceded the euro’s trip to nowhere—except deeper into the three-month narrow-range to prepare for its faster-and-farther fireworks fugue to a crazy breakout price! The reverse of the current situation will be too much price in too little time. Let’s review some euro charts to see if a 50-day expiration long overhead call spread and a long 1.225 single put (weekly 20-simple moving average) make sense (see the charts below).