S+P 500 Daily Chart reveals a technical Triangle Indecision Pattern
that could push it's way out until the end of 2019.
Pattern Support is currently found near 2900, while resistance is near 3000.
That one hundred point trading range makes it possible for the market to chop,
back and forth,with bullish and bearish traders fighting it out each day for advantage.
In this trading range environment, exhaustion moves inside the triangle are the norm.
This is not the kind of market that stays too long with trend
, as sharp sudden reversals happen quickly with little warning.
Until the market breaks out of this indecision triangle decisively
both bullish and bearish traders will be continually tested and frustrated by surprise.
Overnight gaps that seem to be leading in one direction one day will stop and reverse the following day.
My recommendation here is that traders study and know
Weekly Price parameters,and be prepared to act on them accordingly, at a moments notice.
It is well known that the public buys/ sells in the morning,
while institutional big money waits till the end of the day to make their decisions.
The market is in the process of making a very important decision, which obviously taking time to frustrate the most.
Traders would be well advised in this market environment
to continue to seize advantages when they come, and to clearly avoid the bull/bear traps
that are like landmines out there, that you simply cannot even see.
To the brave they say come the spoils.
I wish you the best of luck.
THE_UNWIND
10/13/89
NEW YORK
that could push it's way out until the end of 2019.
Pattern Support is currently found near 2900, while resistance is near 3000.
That one hundred point trading range makes it possible for the market to chop,
back and forth,with bullish and bearish traders fighting it out each day for advantage.
In this trading range environment, exhaustion moves inside the triangle are the norm.
This is not the kind of market that stays too long with trend
, as sharp sudden reversals happen quickly with little warning.
Until the market breaks out of this indecision triangle decisively
both bullish and bearish traders will be continually tested and frustrated by surprise.
Overnight gaps that seem to be leading in one direction one day will stop and reverse the following day.
My recommendation here is that traders study and know
Weekly Price parameters,and be prepared to act on them accordingly, at a moments notice.
It is well known that the public buys/ sells in the morning,
while institutional big money waits till the end of the day to make their decisions.
The market is in the process of making a very important decision, which obviously taking time to frustrate the most.
Traders would be well advised in this market environment
to continue to seize advantages when they come, and to clearly avoid the bull/bear traps
that are like landmines out there, that you simply cannot even see.
To the brave they say come the spoils.
I wish you the best of luck.
THE_UNWIND
10/13/89
NEW YORK