If you have been reading my posts this week you may recall
l that I have written that the S+P 500 had broken down below very important
Trend Line Weekly Support at 2900 on Monday this week,
and gave a sell signal in turn.
Yesterday's sharp price rally in the S+P brought price back above 2900 Support,
and with that a short term buy signal.
However, as I have told you that the most important support
that the S+P needs to hold right now is support on a Weekly Chart at 2900.
Today's sharp retracement decline, is now once again pulling back to what ?
Well of course ... 2900
In high volatility trading, one is best suited as a trader,
to look closely at longer term chart structures.
In this case, the Weekly S+P 500 chart, and define Trend there.
Now in summary, if the S+P holds Support today on a Weekly Close Above 2900,
that will be short term bullish, and allow another week of trading with the bullish trend in place.
However, if the S+P Closes the Week today below 2900,
that would generate a Weekly Sell Signal,
and one could expect further downside price action next week.
A Neutral Weekly Close would be right at 2900
Around and around we go, and where we stop,.. hardly any one knows.
But honestly for some reason this week, it's like reading chalk on a chalkboard.
It's all been very clear to me.
THE_UNWIND
8/9/19 45th Anniversary of Nixon's Resignation :)
NEW YORK
l that I have written that the S+P 500 had broken down below very important
Trend Line Weekly Support at 2900 on Monday this week,
and gave a sell signal in turn.
Yesterday's sharp price rally in the S+P brought price back above 2900 Support,
and with that a short term buy signal.
However, as I have told you that the most important support
that the S+P needs to hold right now is support on a Weekly Chart at 2900.
Today's sharp retracement decline, is now once again pulling back to what ?
Well of course ... 2900
In high volatility trading, one is best suited as a trader,
to look closely at longer term chart structures.
In this case, the Weekly S+P 500 chart, and define Trend there.
Now in summary, if the S+P holds Support today on a Weekly Close Above 2900,
that will be short term bullish, and allow another week of trading with the bullish trend in place.
However, if the S+P Closes the Week today below 2900,
that would generate a Weekly Sell Signal,
and one could expect further downside price action next week.
A Neutral Weekly Close would be right at 2900
Around and around we go, and where we stop,.. hardly any one knows.
But honestly for some reason this week, it's like reading chalk on a chalkboard.
It's all been very clear to me.
THE_UNWIND
8/9/19 45th Anniversary of Nixon's Resignation :)
NEW YORK