a ROUNDED TOP Pattern,
as this weeks aborted rally attempts to 2685,
have created what looks to me as a CIRCULAR DOME
Same Circular Dome Pattern is also shown on , as a Confirming Indicator
Quantified Distance :
From this weeks high of SPX 2685, to this weeks Low of SPX 2583,
measured distance of the move equals 102 points.
Thus, if my pattern assumption proves correct,
the minimum initial target for this pattern is a retest of this weeks Low at 2583.
Should 2583 fail to support this pattern,
then an almost certain retest of the 2018 Low at 2532 would follow next..
possibly timed around next weeks
Major Fed Policy Meeting on Interest Rates on Dec.19,2018
SPX Last 2650.54
12/13/18 1150 PM
is the 4th time that price area has been targeted,and successfully tested.
There is substantial Cash and Futures Support at that level.
When buying pressure like that comes in, it is important to immediately
recognize it's presence.
Until/If 2621 is broken decisively to the downside,
I suggest cashing in on SHORT profits in the last 24 hours
I personally just did the same,
from an SPXS purchase on 12/13
at S+P 2670 RESISTANCE.
Profit was 50 S+P Points, in less than 24 hours of risk.
Know your major Support and Resistance Numbers !
I shall immediately re- SHORT Decisive Break of S+P 2620,
for the balance of the day, into the Close.
SPX Last 2633.12
These observations are based on my chart readings that I keep.
Advise given here should not be construed as trading advise.
12/14/18 10 AM
Quite a Bearish Event, make no mistake.
Selling had to be substantial to break that level of support,
as I indicated in my last update.
Rounded Top Breakdown in full momentum now
SHORT AGAIN @ 2620
Using 2633.82 Today's High as a Short Position STOP
SPX Last 2609.57
I suggested a break of S+P 2620, would get you 2585
and if that support was broken, a targeted move down to 2532,
2018 Low would occur next, possibly this week.
Today both targets I mentioned were reached.
12/17/18 350 PM
Extremely well put Jay. Thank you.
Coming from you,that's a wonderful compliment.
Thank you, rox.
Margin forced liquidation was a strong catalyst for the Oct.decline.
Obviously as prices continue to drop..same process repeats itself.
NQ1! is now printing a BEARISH two crows candlestick pattern...again...awaiting the candle to finish but doesn't look good. RTY! looks like death. RTY! if it prints like this on the weekly will complete a BEARISH THREE OUTSIDE DOWN pattern. Interestingly..it's also printing a BEARISH THREE OUTSIDE DOWN on the daily. Fascinating. For further confirmation...the 5 MA as well as the bottom of the consolidation pattern for RTY! have both become heavy resistance. RSI, MACD, RSX all turning over in your bearish rounded top formation on the daily charts. Does not look like a reversal pattern to me...looks like consolidation before another shake out drop.
Rusell 2000 RUT has LEAD the market indices since Nov. 2016
First on the upside, and now on the down.
If there is any kind of bullish turnaround for 2019,
you will probably see evidence of it here first.
Confirming Bearish Evidence. Thank you.
Important illumination......... RSI, MACD, RSX Momentum Turnover !
This is what I expect from you, my man
Big things, very big things coming next week,
and at the end of the year.