ProfitHarvest

[SPX] Heading Back to Test 5Y Peak Channel Top ~3.76K

Short
SPCFD:SPX   S&P 500 Index
And incidentally the 1Y Peak Channel bottom.

The gravity of this point is highest of anything on the map.

Testing both points seems critical for algorithmic validation of uptrend, while aligned even more attractive.

Would either get a solid bounce or would drop right through depending on conditions.

Leaning towards the drop through scenario for the time being.

Down Megaphone, double LL H&S and Bearish W holding well.
Comment: Bigger picture...
Comment: BTDippers getting wiped out in these downswings.

Lost a lot of steam from that last runup.

Close under all SMAs not good...
Comment: SMA 387 and 987 on the 4H align nicely with my 3.76k and 3.6k calls...
Comment:
Comment: On the 1D it aligns with the 144 and 377.
Comment: Didn't intend for this to behave like a fractal but so far it is...
Comment: Back down to the 1.5Y Peak Channel mid-line
Comment: Almost at 3.76k already!

Comments

So we're on the 20th floor right? *clinks martini glass*
+1 Reply
ProfitHarvest SLOPolarBear
@SLOPolarBear, Maybe standing on the edge of a 20th floor balcony if we're lucky ;)
+2 Reply
SLOPolarBear ProfitHarvest
@ProfitHarvest, I ran out of scotch. I'm drinking rubbing alcohol now. Everyone below looks like ants.
+1 Reply
SLOPolarBear SLOPolarBear
@SLOPolarBear, I'm still optimistic to $389. Whether we hit a wall of shame and take the express elevator down from there I defer to the market tomorrow. Cheers!
+1 Reply
ProfitHarvest SLOPolarBear
@SLOPolarBear, It's no problem to profit either direction, just cooler if the counter case hits (the Bearish awakening finally appears to be upon us but overall people still just BTD for more ATH).

There is some data to support a new ATH early-mid March but it doesn't end well either.
+1 Reply
SLOPolarBear ProfitHarvest
@ProfitHarvest, Sadly, even a 10% pullback leaves the market inside of a stellar uptrend. I'm used to seeing massive volume spike during index distribution events. That's part of the reason why you often see huge 5-10% whipsaw price action with rounding tops when the market is getting ready to turn over for a bearish run.
Reply
SLOPolarBear ProfitHarvest
@ProfitHarvest, My bear hat just came back from the cleaners (it was very dusty). I'll join your side if the price action gives me the right vibe. My inner bull is giving me a Spanish Fly bloodlust and I can't help but feel a few Bears are about to get reamed tomorrow. Of course, I've scaled my positions back entirely to the index and a few 'value' stocks that seem desperately oversold. haha
Reply
WizdomSeekerr SLOPolarBear
@SLOPolarBear, Market rising boys! as always
Reply
WizdomSeekerr SLOPolarBear
@SLOPolarBear, Market DENYED this Idea... we going back up boys! As always every DIP bought
+1 Reply
ProfitHarvest WizdomSeekerr
@WizdomSeekerr, you still don’t understand that this idea shows you where to buy and sell breakouts regardless of direction
Reply
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