This is a Green Alert - Meaning bullish- go long US stocks.
My last SPX post noted powerful support at SPX 2699 to 2706. It takes powerful moves to break power support and
that's exactly what happened on 3/22/18 and 3/23/18
The SPX is now at the next support in which the supposed wave "c" down is .618 of the supposed wave "a" down.
Several weeks ago after the early February mini crash I speculated a Elliott wave Horizontal Triangle could be forming
and this still appears to be the best wave count.
On 3/23/18 the SPX bottomed just below Fib support and right at the very important 200 - day SMA.
Additionally the SPX closed significantly below the lower Bollinger band while the Stochastic oscillator is in the oversold zone.
The biggest bit of bullish evidence isn't even on this chart.
I strongly encourage everyone to check out the CBOE Put/Call ratio on 3/23/18.
Its reading was 1.54 this is the highest reading since the August 2015 mini crash! That bottom held for five months.
Combined, these multiple bullish indicators strongly suggest an important bottom has been made!
Mark
My last SPX post noted powerful support at SPX 2699 to 2706. It takes powerful moves to break power support and
that's exactly what happened on 3/22/18 and 3/23/18
The SPX is now at the next support in which the supposed wave "c" down is .618 of the supposed wave "a" down.
Several weeks ago after the early February mini crash I speculated a Elliott wave Horizontal Triangle could be forming
and this still appears to be the best wave count.
On 3/23/18 the SPX bottomed just below Fib support and right at the very important 200 - day SMA.
Additionally the SPX closed significantly below the lower Bollinger band while the Stochastic oscillator is in the oversold zone.
The biggest bit of bullish evidence isn't even on this chart.
I strongly encourage everyone to check out the CBOE Put/Call ratio on 3/23/18.
Its reading was 1.54 this is the highest reading since the August 2015 mini crash! That bottom held for five months.
Combined, these multiple bullish indicators strongly suggest an important bottom has been made!
Mark