I'm so over commentating the SPX but not gonna miss my moment!
Should have added this line before now as it was a natural inflection point to watch out for but honestly I had resigned to believing the ATH hype haha.
Purple line is parallel to the blue DT lines and matches almost exactly.
I think that since we got all the way up to 3381 which is only 12 points away from the ATH - we can consider that a re-test of the ATH. It's close enough to say we tested it but didn't have strength to pierce it.
Even though we got a nice reversal, we need to see a big strong volume candle down, otherwise it could just be another pullback before gapping up above ATH on the stimulus announcement.
I'd say the next 2 days are critical.
The absolute best news we can get is that the stimulus bill gets scrapped and they just let the Trump executive order go through until the election.
However, I think that's highly unlikely.
ProfitHarvest
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@nychump, Yea I aint holding my breath for anything in this market haha.
Stim gonna come after recess, it's too late already. Odds are we're on track for EOM/Early Sept low.
But yea, it'll be more clear for sure if we downtrend into next week with no crazy pump news.
CapeAfrican
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Hello - I think that is called a bearish engulfment on the candlestick. About time...margin calls are no fun.
Even though we got a nice reversal, we need to see a big strong volume candle down, otherwise it could just be another pullback before gapping up above ATH on the stimulus announcement.
I'd say the next 2 days are critical.
The absolute best news we can get is that the stimulus bill gets scrapped and they just let the Trump executive order go through until the election.
However, I think that's highly unlikely.