Kick The Can Forword Continued Rally To 2965 Major Resistance

TVC:SPX   S&P 500 Index
S+P 500, with the strong breakout rally back above 2900 on Monday,
now seems destined to rally back up to parallel trend line resistance at 2965,
to set up a potential "End Game" for this fall.

Breadth, or the number of stocks participating in this new rally
in the last two trading days has exceeded 400 stocks to the upside each day, out of 500 in the S+P 500
signifying that this rally continues to build in breadth, and in technical significance.

The markets zero sum focus on the Fed Chairman's remarks this Friday at Jackson Hole,
anticipates a move to" more than mid course policy adjustment" in lowering interest rate position by the Fed.

If that turns out to be the case,
the market has decided to buy now, and suffer any potential disappointments or fools later.

All of this plays into my theory that the market has decided, to kick the can forward now,
meaning that no major downside break will materialize during August
but rather set up a continued scaling move back up the chart,
to ultimately set up a" Broadening Top Pattern"
of massive technical significance,...
entering the fall of 2019.
( See Chart )



SPX may still reverse and shoot up breaking through resistance. It is very risky to do anything. Precious metals are getting weak. This is something that makes me nervous. SP goes up and gold + silver goes down. That is why I don't like holding them. It is better to focus on one symbol and trade it short or long. At least I don't need to chase so many birds. Gold is going down after hours again.
The problem is that half of the action is after hours where you can't put stop limits, enter or exit trades. The risk becomes very high when approaching resistance or support lines. The fear forces to unload risky positions to avoid getting stuck with a bag during possible breakout after hours and losing lots of trading capital.
@I_AM_FROM_THE_FUTURE, Unless you trade SP futures and are able to pay attention 24/7 to price action.
Hit the ceiling again and change of course.
If we break 2900 in the cash market rather than a future's gap then we have a very bearish scenario going into Powell's speech.
Are you taking any positions in precious metals as a hedge? As of the New Year, I've been accumulating gold and silver positions via a couple of ETFs and miners since last fall in anticipation of a reversal in the overall market. So, far so good. What are your thoughts?
The_Unwind LTSInvestor

You're in a winning breakout to the upside.
Just remember to raise your trailing stop to protect your hard fought gain..
Best of luck here.
LTSInvestor The_Unwind
@The_Unwind, Thank you! I appreciate the advice.
The_Unwind LTSInvestor

I do not trade the metals, as a rule.
so my thoughts here would not be helpful.
LTSInvestor The_Unwind
@The_Unwind, Ahhh... any specific reason why?
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