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Weekly chart of SPX....Could this trend line hold here?
Notice the Stochastic at the bottom when the both the weekly
and 4 hour are oversold have marked a bottom.
updated view of this weekly chart. Big wick testing that
trendline.. we have a 20% correction on SP now which came in
18 weeks with a -46 degree angle on the regression
channel....2007-08 first big move down was -43 degrees and took 23
weeks and then there was a 15% bounce..That that oversold
stochastic reading has marked a bottom every time in the last 10
years and a whole lot of bottoms in the past except for when we
rolled over and started trending down like 08...It did mark bear
market bounce bottoms during 2001 bear market which led to 20%+
bounces... 2018 dip was 20% as well, so who knows...maybe
it's just a bump in the road before hyperinflation takes off even
Other time frames...
Thanks Jason - last week's candle on the SPX was again bearish -
6 straight red candles on SPX shows real distribution. At a
minimum, the bulls will need to FILL the open gap and break channel
to work even somewhat higher. More to follow today on my
thoughts - as posted on Friday initial resistance on SPX 4030s is
where price stalled.
That trendline I showed actually starts at the low from 2009,
new link below. Last week's candle has a
long wick through the trendline which was resistance that has
turned to support so I would think we should see higher prices from
Sharing an updated view of this long term chart. Click on
the thread to see the other historical charts
Sharing an updated view of this long term weekly chart.
those blue vertical lines are when the weekly stochastic was
oversold in the past marking bottoms. Didn't pan out this
time and now we're about to test the underside of the trendline.
Another updated view of this long term chart..note the red
loooong term trendline. I think we will tag 4000 and maybe go
a little past it, but close the month below 4000...Who knows...if
we close the month above 4000 the bubble can continue....
Great stuff, keeping an open mind
I feel like we will not break 4000 on SPX....and then the bear
market will continue, but that's just a gut feel.
Well, if we stay above 4020 tomorrow then this monthly trendline
will be negated...
Good stuff. Might need that right shoulder before the bigger
dump can happen. Will respect the price action either way. That gap
4,176.82 is the next major area, then good ol 4,220s at the fib.
Not getting too far ahead of myself. I have concerns longer term
the other view is what Steve posted below where this move now is
3 of C, if that's the case you wouldn't get that nice wave 2
nice chart as always
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