SPY - Inflection Point for Bears Short

S&P 500SP

Description

⋅ Mar 13, 2019 6:56 PM

Resistance did not break - a new high was reached but a move down occurred shortly thereafter. There is still chance for the bears to fight back.

Grasping for straws, in the end. Otherwise, we're melting straight up.

Comment

⋅ Mar 13, 2019 7:13 PM

Comment

⋅ Mar 14, 2019 6:02 PM

still in the big channel, but the next break will break through.

Comments

vergun

⋅ Mar 13, 2019 11:29 PM

Also interesting to note is the divergence between the Dow and Russell, and the Q's and SPX. The Dow and Russell are not printing higher highs, not even close.

carfat

⋅ Mar 13, 2019 10:58 PM

looks like we are witnessing a textbook overcrowded short covering rally in wave 5. Though considering how high we got I am less sure we won't continue up after correction wave is set

vergun

⋅ Mar 13, 2019 10:02 PM

That new high is a trifeca of resistance, it is : 1. The downtrend line from September-October peak. 2. The uptrend line from the 2018 rally (which the index fell below), 3. It is the 78.6 retracement of the September peak to December low, which is also the rough area for the October - November - December consolidation highs.

gvoommen

⋅ Mar 14, 2019 12:24 PM

Looks like the RISE of the BULL market :)