Before I get on to anything else, let me update my Tesla Inc. (TSLA) work.
Although the weekly parameters in this scenario are still intact, the daily chart support that I recently was focused on has been violated. The weekly low that remains important in the much bigger picture is the April 2018 low. As far as the daily work is concerned, I have a new zone I would define risk against. However, I must say this work becomes a crapshoot when earnings and announcements are involved. The new zone that I'm considering pivotal is where the new low was made on Jan. 24 at the $276.93-$280.23 area, at the area of extensions and projections illustrated on the second chart below.
Now let's look at the S&P 500, or SPX.
I still consider the low made in December 2018 as important and have been putting myself out as a cautious bull because the rally since this low was made seems to be a bit extended. That does not mean the rally will not continue, but I will share a recent decision and my next time and price factors to be aware of via the daily chart.
A quick recap of why I felt the SPX low was more important was the 14-week time projection (along with other cycles) at the low along with a test of the 200-day simple moving average and a .618 retracement of a prior major low to high swing.
As the rally has resumed above the December lows, it's always a good idea to manage your positions in this index as we must watch for possible failure against Fibonacci time and price parameters. Note that we did see a short-term pullback in this index at the first grouping of cycles illustrated on this chart, with calendar day projections that came due Jan. 18-19. This pullback was short-lived, however, and here come the next parameters: As far as price is concerned, I'm watching for possible price resistance at the 2692.50-87 area and then the 2713.88-2714.88 area. This second zone includes the .618 retracement of the full swing of the September 2018 high to the December 2018 low. This will be considered an important decision by many technicians as it is the same retracement (.618) where the November 2018 high was made before an eventual 468-point decline.
As far as timing cycles are concerned, the second group of calendar projections came in Jan. 25-26 (this past weekend). This is very close to the trading day projections on this next daily chart below, which are due starting early this week (Jan. 28-Feb. 1) with a focus on Jan. 28-31. Keep in mind that these timing clusters will not always reverse the market, but they do often enough that they are worth keeping in mind. Bottom line, even though I believe this market eventually could go higher, I would suggest ratcheting up stops on longs via the S&P March futures contract to either below 2612.50 for longer-term traders and below 2657.50 for shorter-term traders due to time/price resistance coming up.