changing the Short Term Trend to at the Close on 12/26/18.
Technical Qualifications of the "One Day Reversal"
is trading lower on the Daily Bar, and then Closing Above the Previous Days High,
12/26 Low at 2346.58 was Lower than 12/24 Low at 2351.11,
and 12/26 High/Close was above 2410.34 High from 12/24
TREND ANALYSIS DEFINITION... USED FOR ANALYSIS
REFERENCE THIS TABLE, FOR FUTURE DEFINITION OF TREND.
DAILY BARS = SHORT TERM TREND
WEEKLY BARS =INTERMEDIATE TREND
MONTHLY BARS= LONG TERM TREND
rescuing the S+P 500 from the brink,of a bear market
now opens up the possibility of something more substantial for the Bulls.
A Weekly "Bullish Reversal" TECHNICAL SIGNIFICANCE
trading lower on the week, but then trading and closing higher,
would be a MUCH MORE SIGNIFICANT TECHNICAL EVENT should it occur this week.
In order to accomplice that, the S+P 500
would need to CLOSE Above LAST WEEKS HIGH at 2601.13 on 12/28/18
SHORT TERM SUPPORT IS NOW AT 2410.34
SPX Last 2467.70
Price to me is all that really matters as a trader.
This is a holiday week, so if volume is lighter, that may be the reason why.
But it's really too early to tell.
Certainly a possibility. Thank you for your wise input here.
Yes. Both rallies came on top of long term support. Good point.
But now both NDX and CLG must now prove that its not just a one day short covering wonder
Are you focused ?