STANDARD AND POORS 500 10/18/2016 ADVISE.

Hi guys, a lot of time since the last time I post an analysis.

Here it is! the SPX500 fut.



Today I´ll show you a basic Chart ot he index, however I will write the advise below the chart.

As you can see in a daily basis the index has arrived to his max point and at this moment is probably that it will start a correction.
I had read  articles about a big correction, to be honest I belive the next month we will have an SP500 wit a support at 1992 ( solid support in my opinion).
Let´s analyze this index.

DAY analysis.
MACD. Below 0, the signal is below the MACD too.
RSI. At 37% below 50.
Stochastic. At 31.41%
The the progresion of the stochastic shows us that the index wants to bounce however the trend tells us that it´s probably that won´t do that.
The RSI is below 50% and shows the same.
The Elliott waves I have painted in the chart says that it´s probably that the stock is starting to develope the 3 wave in a downside trend.
The SMA 200 is at 2071 and I have marked the 3erd Elliott wave there. As you can see before this point we can see the last reversal point at 1992 so I will not discart an extension of the 3rd wave. 
At the time of this analysis the index is at 2140 points gaining compared to its last sesion.
I recommend short positions at this time with a stop at 2149. if the index go above this point we will require another analysis to see which will be the behavoir of this index.

And that´s all for now folks!!
Have a nice day.