Angle of the January-April Bull Rally Is One of Many Red Flags

SP:SPX   S&P 500 Index
SPX has trended at a 57 degree angle since the 2008 financial crisis. While trend line theory suggests any stock above a 45 degree angle is troublesome, perhaps the SPX is an exception. However, the current trend we are witnessing is at a 67 degree angle, suggesting a significant pullback is warranted. Take this with the global fundamentals (slowing Europe, slowing China) and oscillators which indicate overbought, SPX is probably in for a bit of a healthy pullback.
what is the meaning of your line at 2916.98 ?
@lapin_eliott, just trying to find resistance levels between current prices and all time highs. 2916.98, or close to it, is about where we had a pullback on August 29th 2018. This was, at the time, an all-time high and was again reached pretty quickly after just a month later. Then just a few weeks after that we have all-time highs again. So really the question is where will hedge funds find levels to retrace that are between current price levels and the all-time highs. We could very easily blow past this level of resistance, but we don't even know if its resistance yet because its never been tested and its never been tested really because we've only been around 2900 three times for about a few months. So this is pretty unprecedented territory that we are in right now. Bottom line though, just trying to find potential resistance. I'll delete it if (when?) we blow past it.
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