Market advance from the massive breakdown/shakeout bottom low of 2346 continues unabated,with the most recent breakout above 2820 being substantiated this week.
Nothing is stopping this market advance, and to be anything but LONG is cause for almost ridicule and scorn. I mean if you can't catch on,.. that your're on the wrong side of the market by being short,.. then the market just continues to rise.
I have drawn my latest interpretation of the Daily S+P 500 chart setup. ( shown here)
Interpretation :
Shakeout Breakdown Bottom in 2018, has formed a powerful BASE for the 20 % rally thus far in 2019. Rally currently seems bent on driving price back towards the 1/26/18 high at 2872.87.
If reached, and not exceeded ,without getting ahead of myself,that would be an exact Head and Shoulder's Bearish Pattern Setup. If exceeded, then the S+P will likely run the last mile, up to 2900, to be within ear shot of the all time high at 2940.
Early March 2019 Line/Break Low at 2743.07 Is Major Chart Support ! which is quantified by the Line/ Break interpretation.
Longs should use 2743.07 as a STOP, Shorts should initiates strong new Short positions, on any two closes below, 2743.07 !
Futher updates will be provided immediately as needed.
SPX Last 2832.94
THE_UNWIND 3/19/19 St.Joseph's Day Mountains/New York
Yeah this is great. Even if you are bearish, some sort of motivation, whether its technical or fundamental, is required for volatile price action to the upside or the downside. I'm non-partisan towards long-term though. We could go beyond record highs and avoid a recession for another few years. But, even if we expect a downturn, maybe we need to reach that resistance for as you pointed out the head and shoulders pattern. I'll probably implement this in my daily analysis now. Thanks for the content!
The_Unwind
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@AnthonyLaurence,
Well thought intelligent idea.
Thank you, Anthony.