S&P 500 index pretty much peaked on 2734 previous value.
Now, made new high in a form 2856 peak which is nothing but new high which will hardly be surpassed now.
confirms momentum and projected crossover.
I personaly don't see these price ranges sustainable in this form on this price range and i would suggest selling a position on SPX .
After short to 2734, probably lower high will follow, but right after further drop is expected since this high price index has not a single mathematical justification for " existance" .
Yet, it present, true, but only temporarily so buyers/shareholders will feel safe after previous price crash occurred on November 15. th onwards.
Index value can be used in order to manipulate with it on lower levels, therefore, i m expecting new low after this short and lower high.
Gradual drop forms should occur as decribed on an idea on SPX posted :
Regardless price index is being pushed or holders might think they've missed a chance, my personaly advice is to sell position rather to hold and drop with your assets.
Mathematical price range of drop which will be achieved will be sub 1867 points on SPX which represents significant loss and massive pullback built in phazes :
*2400 points revisit (buyer will tell " it's a higher low, we should accept it" )
*2200 points (expecting massive , fire sell and spiking on precious metals) since " players" want to reinvest in something stable.
*1867 points (as third retrace stage) making full retrace on SPX index which should play out in October 2015th and January/February 2016 and instead droping from initial index value (1867) points, index has been pushed by 50% (up to 2723).
That's 3,5% fall X 24 T USD= 768 billion USD loss.
We are nearly half way down with tendency towards above described lows.
dropping out/down to lower BB
RSI bear flag on the 1D, descending peaks.
RSI 1hr bouncing under 50 bear side.
1D stoch RSI peaking double top
1D MACD crashing over forming M...
on the week it still has room, 1M turning over...
Just few good fundamentals and a little melt up needed to kick it off....
Yes, it's called buying on very very top.
Last time before drop people were buying on right shoulder.
Now, upon breaking of neckline, 2400 will be retested, so from technical side will be considered HL (which is allegedly) bullish, while it's faking actually.
Since previous low was 2350, now we ll experience 2400, which will be " that" higher low, which is actually bearish...
We are getting there, regardless of mathematicaly unjustified and also unsustainable price range.
You continue to impress Adam.
Thank you ! :)
The dirty greed of men are leaves on the money tree, always blowing and chasing the wind.