Seriously though... Resistance above Price is HEAVY.
If Price breaks under this rising wedge and can't reclaim it and then under the 6W peak downtrend (white), we're in store for a bigger pullback.
Not expecting anything major till at least the 26th though.
The real test though is getting under that gap box 3300-3335. If we go below that I think we're likely to hit my green BUY circle.
If we bounce off that well, I dunno. I don't really get the bull case aside from liquidity helping to support Price here. Not sure what keeps it up even if we get an earnings FOMO based on Little League expectations or some watered down 'only for show' stim package before the new congress, still don't know how it can maintain. Best Bull case seems pretty choppy.
I think Market Psychology will inflect from 'stocks always go up' to 'shit I need money and don't want to risk it anymore' and that'll be the end as Big Money jumps on the bear train for awhile.
I called 13th and started hope it dumps. This next week is crucial
nychump
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Great analysis! Why do you choose the 26th date though? I think we may actually see a nice down move next week.
ProfitHarvest
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@nychump, See my RSI charts, just following the data. This was the cherry on top though cuz the megaphone top wedges right into the 5Y uptrend and 2Y peak downtrend on the 26th.
JoelRBishop
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dump it :-)
unicow
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I do not understand the bull case either. It seems like it’s based on extrapolation that because in the past the market went up, the market will continue to go up. That’s hardly convincing logic for me.
ProfitHarvest
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@niftyguild5, I’m getting whiffs of circular logic as well