Comments: Price may potentially reverse when reaching supply area (~2086 to 2119). If indeed it reversal, TP potentially can be set at green dotted line area or dz (blue box).
Comments: On H4 chart, price seems to suggest potential reversal. It may also be a potential start of further downward movement.
Comments: Further analysis reference to S&P500 Analysis dated 22 Apr 16.
Comments: Based on H1 timeframe, rising wedge had broken down. Zooming out to H4 timeframe, potential head and shoulder may be in the midst of formation. It confluence at weekly timeframe supply zone. Overall, bearish bias. Possible course of action: (1) Vertical XSP May 16 210/215 (of minor variation); (2) CFD USD500 or SPX500 for shorting; (3) ES for shorting.
Comments: Referring to SPX 500 analysis dated 10 Apr. point (1) near price 2020 was not taken out, potential Head & Shoulder formation did not happened. For this week, price move up entering next supply zone. Price and volume did not move in tandem. Watch out for candlestick reversal pattern for short entry with CFD or ES. For options entry, I think selling a call spread for 2090 to 2120 maybe viable depending on the premium offered (the ROI).
Comments: Price showing signs of rejection from daily supply and broken daily uptrendline. Best if price can move further downwards to break 2020 level labelled as (1) before retracing to (2) for potential short. It would be entry at early formation of right shoulder for H&S. At the same point, selling a call spread for 2080 to 2100 may be viable.
Comment: Price is within within weekly and daily supply zone. At daily chart, we can see increasing volume that stop of price from drop from the rejection of price from the daily supply zone, showing some buying power. Need to watch further on how the market react in this region to decide further actions.
For options: May be possible to sell weekly OTM Call at about 2090, and buy further OTM weekly call at 2140 with the anticipation is that price will not break out on upside within next week.
Comments: Awaiting for market to give clue to whether it wants to reverse at region.
Comments: Watch price when it enter 2044 and above area, within the area of supply. Shorting chance may be presented.
Comments: Shorting opportunity may present around 2042 area onwards (weekly supply). Zooming further to daily chart, for lower risk entry, daily supply is around 2058.1 area. This chart is from SPX500USD, OANDA broker. Figure may differ slightly from futures or index of S&P500.