30 Minute Chart of the S+P 500 on Tuesday April 18, 2023 reveals two "key" technical identifications.
First:. The Technical Pattern is one of a "rising triangle",
almost perfectly symmetrical, off the March 13 Low of 3808.86,
with the longer base trend line rising steadily higher,
the longer line being the "dominant" line
with the top of the Triangle Width at 4078.49 from March 6.
The market "this morning" tried to "breakout" of the upper "triangle resistance" at 4160
reaching an intra-day high of 4169.48, but sellers prevailed on the attempt, and price has pulled back.
Second : The KST Indicator (Shown Here ) is nowhere near confirming a potential upside breakout in SPX Look at the chart.
See the previous Double Top's in March 2023, and now "look" at where the indicator is positioned today.
What you are seeing is a "bearish divergence", made all the more relevant as the market continues to move higher.
I continue to believe,
that there is some kind of "bull trap" brewing, and it continues to gravitate around a breakdown of S+P 4134.37
SPX NOON OPEN 4144.41
THE_UNWIND
WOODS OF CONNECTICUT
First:. The Technical Pattern is one of a "rising triangle",
almost perfectly symmetrical, off the March 13 Low of 3808.86,
with the longer base trend line rising steadily higher,
the longer line being the "dominant" line
with the top of the Triangle Width at 4078.49 from March 6.
The market "this morning" tried to "breakout" of the upper "triangle resistance" at 4160
reaching an intra-day high of 4169.48, but sellers prevailed on the attempt, and price has pulled back.
Second : The KST Indicator (Shown Here ) is nowhere near confirming a potential upside breakout in SPX Look at the chart.
See the previous Double Top's in March 2023, and now "look" at where the indicator is positioned today.
What you are seeing is a "bearish divergence", made all the more relevant as the market continues to move higher.
I continue to believe,
that there is some kind of "bull trap" brewing, and it continues to gravitate around a breakdown of S+P 4134.37
SPX NOON OPEN 4144.41
THE_UNWIND
WOODS OF CONNECTICUT