The index is trading within a 1D Channel Up that is currently on its Higher Low zone (RSI = 53.748, MACD = 22.840, Highs/Lows = 0.0000). The fundamental environment may be largely negative buy purely from a technical standpoint, the 2,780 - 2,790 is an optimal long opportunity. TP = 2,849.
@InvestingScope, so, if you look at it "from the right perspective," as I would call it, the actual correction pattern will begin shortly ;-)
cblewis_78
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There is another trend line that will provide resistance at/near 2815/2820 (Feb 25, Mar 3, Mar 14, current). MACD crossover in trending bearish.
InvestingScope
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@cblewis_78, Indeed but this hasn't been confirmed yet on the longer time frames. Until that happens we are bullish.
ReallyMe
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A right skewed head-and-shoulders pattern (with downward sloping neckline) has often been a harbinger of a major crash in the past.
However, modern stocks disguise themselves quite well, so that such a pattern is not always easy to see while it is forming.
Only in hindsight will you realize what that actually was. I'm curious how it will end this time.
InvestingScope
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@ReallyMe, That's true. 2849 was hit anyway, the real test now is 2866.