❗ I won't take too long with this so thanks for joining ladies and gentlemen. I know I haven't really done an SPX post myself in at least a few months but been thinking a lot the past few weeks.
❗ As the market currently is/my personal view, we are in a state of Extreme Greed overlall, virtually any stock or pick you go with goes up and a lot of market participants are making money, throwing that right back into stocks and the market. We've had the biggest price recovery to date the SPX has seen in years and it seems like nothing can stop us.
❗ But that's the thing. For those that understand extreme greed most often leads to things ending up overbought, ultimately resulting in reversals, big when we look at the market momentum through CNN's site which also includes the market's fear and greed indicator we can see how since the SPX regained the 125-day moving average in march how things have essentially rallied like no tomorrow sending us to
❗ Since November's bottom the SPX has risen about 30% which has been great of course and only driven even more once we exited that consolidation channel. If you look above at the main chart you'll notice two circles I've got there. Both mark the main resistance we've got at $4600 which seems to be keeping us held back and can ultimately lead to the start of a reversal as it kind of looks on the 30 minute with us already having lost that 200 day moving average. Here's the chart below.
❗ If resistance continues to hold up and SPX can't break 4600 I'd expect some kind of reversal to start in the least. I mean it's been so long since the SPX met up and touched it's 200 day EMA again, great as that's been we have to meet up with that dude at some point or another. Not to mention we've basically been in an ascending channel up the past few months. Everything's come up pretty quick amongst all the positivity from the news, market driving traders. But I personally feel the market may have priced in a lot of stocks already.
❗ I mean we're seeing many stocks form record high's and some facing resistance at their resistance points much like the SPX is right now. I'm not saying everything's going to fall and reverse, but we can't simply keep on going up like we have been the past few months, the more we do the more we risk falling back harder without healthy retracement.
❗ Don't want to keep this long so I'll end it at that but please let me know opinions and share any ideas below, I'm trying to wrap my head around a lot of stuff but overall just have the gut feeling the market's overbought on a lot. I won't mind if I'm wrong of course but if I'm right I'll take the opportunity to use some cash reserves and reenter into some positions and possibly crypto's depending on the viability/ use case.
❗ That's all for this idea, I have to move on to my XRP idea and work on that so thanks for joining, feel free to leave any likes or follows, always helps me out, thanks.
~ Rock '
❗ As the market currently is/my personal view, we are in a state of Extreme Greed overlall, virtually any stock or pick you go with goes up and a lot of market participants are making money, throwing that right back into stocks and the market. We've had the biggest price recovery to date the SPX has seen in years and it seems like nothing can stop us.
❗ But that's the thing. For those that understand extreme greed most often leads to things ending up overbought, ultimately resulting in reversals, big when we look at the market momentum through CNN's site which also includes the market's fear and greed indicator we can see how since the SPX regained the 125-day moving average in march how things have essentially rallied like no tomorrow sending us to
❗ Since November's bottom the SPX has risen about 30% which has been great of course and only driven even more once we exited that consolidation channel. If you look above at the main chart you'll notice two circles I've got there. Both mark the main resistance we've got at $4600 which seems to be keeping us held back and can ultimately lead to the start of a reversal as it kind of looks on the 30 minute with us already having lost that 200 day moving average. Here's the chart below.
❗ If resistance continues to hold up and SPX can't break 4600 I'd expect some kind of reversal to start in the least. I mean it's been so long since the SPX met up and touched it's 200 day EMA again, great as that's been we have to meet up with that dude at some point or another. Not to mention we've basically been in an ascending channel up the past few months. Everything's come up pretty quick amongst all the positivity from the news, market driving traders. But I personally feel the market may have priced in a lot of stocks already.
❗ I mean we're seeing many stocks form record high's and some facing resistance at their resistance points much like the SPX is right now. I'm not saying everything's going to fall and reverse, but we can't simply keep on going up like we have been the past few months, the more we do the more we risk falling back harder without healthy retracement.
❗ Don't want to keep this long so I'll end it at that but please let me know opinions and share any ideas below, I'm trying to wrap my head around a lot of stuff but overall just have the gut feeling the market's overbought on a lot. I won't mind if I'm wrong of course but if I'm right I'll take the opportunity to use some cash reserves and reenter into some positions and possibly crypto's depending on the viability/ use case.
❗ That's all for this idea, I have to move on to my XRP idea and work on that so thanks for joining, feel free to leave any likes or follows, always helps me out, thanks.
~ Rock '