N0tSwift

SPX - Bearish - Consolidation Phase

SPCFD:SPX   S&P 500 Index
Top trend line 2008-2020 Upward Trend - Black
Bottom Support - Blue

Bearish - MACD X and descent, RSI Spike and Descent, RED hourly downward candles.
Bullish - 50/250 SMA cross, Currently above 9/3 downward trend line .

My expectations are we continue down.

*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
Comment: New channel may be forming. If confirmed, it puts us back in a bull market following the 2008-2020 channel (Black top), with the 9/3 down ward trend as the bottom of channel (green line), which we've bounced off of twice since crossing.
Comment: Revising bottom reverse line. 50% FIB retrace possible.
While I'd like SPX to drop to the 3500 trend line, FIB says NOPE.
Comment: Ended up bouncing off of the .236 FIB retrace, some unusual volatility today, but still generally headed up toward the 3700 line. Picked up some UPRO at the .236 bounce, stopped out at a profit, picked up more on the 2nd bottom just before close.
Comment: I think we're still headed for that 3700 trend line, but it's slow and sideways.
Comment: Same essential path, same top of trend, just when the bounces will happen.
Comment: Still headed to the 3700 top. Interesting to see the divergence now as RSI is dropping and MACD pointing down even as we rise in price. Correction looks to be due.
Comment: Still being pushed toward the 3700 Trend, but crabbing 2 up, 1 down. Top and drop to 3425 seeming less likely. Technicals pointing up into January.
Comment: I'm still wrong, and still waiting. I want to be a bull, but common sense says it should pull back. Can't get my head around it.

Comments

It's INSANE, poking above the rising trend line of highs since October 2018.
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Exactly!
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N0tSwift hoernest
@hoernest, Thanks for the note. So few people leave comments. "As Iron Sharpens Iron, so one man sharpens another." Proverbs 27:17
+1 Reply
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