We will look at my classic signals and then a general view.
The classic signals coming out of this SPX chart are as follow:
- The first thing to notice here is a lower high compared to the 8-Jun.
I shared a chart on this date mentioning that the S&P 500 Index had peaked.
- The next thing we have is a test/challenge of EMA10 as support (meaning, from up to down).
Since we have a lower high, the test of EMA10 signals lower prices.
- We follow with a cross on the .
- The remains above 50 but trending lower, while the is showing a strong curve pointing down.
- We also had a pattern, another classic, which broke already a few weeks back.
- The trading is going lower. Notice that the green was lower than previous days/weeks on the latest bounce that produced a lower high.
General view ( SPX )
Don't get caught up in the noise, the hype, the news or \whatnot... Just look at the chart.
I haven't read a piece of news about the SPX basically ever, for Bitcoin or anything else for a long while, yet, I can continue to read the charts are produce a high accuracy rate... Everything is here... Everything is on the chart.
Keeping it simple... Trading below the "LAST PEAK" is .
If prices move and close below the "LAST PEAK", it opens the door for additional action but still, there are many factors that keep the view present since the All-Time High is still intact.
So, we can see prices moving above the LAST PEAK which gives us a more view but still remain cautious until the last high is taken out.
As for the initial analysis... We are based on all the signals we just shared above.
What is your take my dear reader/follower/supporter?
Thanks a lot for your amazing and continued support.
Is The S&P 500 Index Peaking? A Retrace Is Possible
I agree with you.