ProfitHarvest

[SPX] Lines to Watch

Short
SPCFD:SPX   S&P 500 Index
Nearing top of 1Y Peak Channel, already pushing Price away from a test.

If we do test, we may just break through and that'd be our meltup scenario.

If we don't test it or ultimately fail to break through, it's going down.

Either way, volatility odds lookin good.
Comment: Wow, look at that! Came to rest exactly on the tip haha

Comments

I am going to jink myself and call this the beginning of the end. It may not be the exact top, but I don't really see how there is any real upside left. VIX is ready to rumble and S&P is pushing against several major resistance lines. If I had the cojones then I would bet all of my money on VIX and/or short the S&P.

We are in the middle of a massive pandemic and only staying a float because America is now a socialist economy where we just pay citizens in cash ($2000 stimulus checks anyone?) and the government literally buys its own bonds with money it prints (QE). Did I mention that for the first time since the war of 1812 with the British has the US Capitol been seized and occupied by a hostile force. Worst of all it was American citizens encouraged by the US president? Did I also mention that something like 70% of Republicans still think Biden did not win the presidency. I just hope all of the talk about violence for the inauguration is just rumors. Maybe a straight up civil war would be good for the economy, because nothing like bad news to drive up the market.

Sorry for the rant. Great charts as always. Here is my latest.

+4 Reply
ProfitHarvest Dr_Roboto
@Dr_Roboto, love the dedication to pin down this market, keep it up!

End of Jan here is huge test for stocks always go up theory of trading haha
Reply
Dr_Roboto ProfitHarvest
@ProfitHarvest, this market is making history. Destroyed all resistance levels on its way up. We have not seen anything like this since the 20's. Except this rally is during one of the worst economies, a pandemic, and a civil war. I still can't believe that it is all just smoke and mirrors based on what is effectively accounting tricks. No true innovation in the economy. This kind of crap may go on for a long time yet, but someday it will come crashing down and take everyone's retirement with it.
+2 Reply
ProfitHarvest Dr_Roboto
@Dr_Roboto, "what is effectively accounting tricks. No true innovation in the economy." Word.

The real test here is breaking through the top of 1Y Peak Channel (magenta), it shouldn't be able to do too much more than range in this channel. It's the strongest reality based rejection/resistance point left on the map, already solidly cleared the 5Y Peak Channel (blue).

I don't imagine we can hold above that too long if we do clear it but we may not be able to breakthrough at all.

The purple 6M Peak Trend is a complete joke but added for FOMO meltup purposes lol.
Reply
Can you see a small double top?
+1 Reply
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