The double bottom that the S+P 500 put in today near 4260,
now opens the real possibility of a price breakout above 4300
and then above the 4325.28 Aug.2022 Monthly Chart High (Shown Here)
Monthly Charts are most important (except for yearly charts)
in determining genuine price breakout/breakdown.
The famed technical analyst Martin Pring uses monthly chart signals,
in his institutional work for big money clients.
So you should pay close attention to them as well.
The only problem should a breakout occur, is that it is almost certain to be "unconfirmed"
by a myriad of technical indicators.
Note the Monthly KST Indicator (Shown Here),
which right now shows a rather extreme bearish rollover in place.
However a continued breakdown in the VIX, 13.65 Close Today
and a Weekly Chart Bullish Breakout in S+P 500 Futures,
are "confirming and supporting" the rally.... strongly !
Perhaps the nightmare scenario would be for traders to be" forced "( Short Covering )
into buying a price breakout, knowing full well that they could be buying into a massive nose-bleed topping pattern.
This bears watching very closely,
as either side is looking for clarity here,
and I'm almost certain that the market
is "not"... going to give them that.
SPX Close 6/8/23 4292.92
Position: Moves to Neutral, from Bearish.
THE_UNWIND
WOODS OF CONNECTICUT
now opens the real possibility of a price breakout above 4300
and then above the 4325.28 Aug.2022 Monthly Chart High (Shown Here)
Monthly Charts are most important (except for yearly charts)
in determining genuine price breakout/breakdown.
The famed technical analyst Martin Pring uses monthly chart signals,
in his institutional work for big money clients.
So you should pay close attention to them as well.
The only problem should a breakout occur, is that it is almost certain to be "unconfirmed"
by a myriad of technical indicators.
Note the Monthly KST Indicator (Shown Here),
which right now shows a rather extreme bearish rollover in place.
However a continued breakdown in the VIX, 13.65 Close Today
and a Weekly Chart Bullish Breakout in S+P 500 Futures,
are "confirming and supporting" the rally.... strongly !
Perhaps the nightmare scenario would be for traders to be" forced "( Short Covering )
into buying a price breakout, knowing full well that they could be buying into a massive nose-bleed topping pattern.
This bears watching very closely,
as either side is looking for clarity here,
and I'm almost certain that the market
is "not"... going to give them that.
SPX Close 6/8/23 4292.92
Position: Moves to Neutral, from Bearish.
THE_UNWIND
WOODS OF CONNECTICUT