Just an idea. Not saying it's going down like this, but looks a lot like Dec 2018, twin peaks, second rally slightly lower high; see what we get Friday.
Clearly need to be cautious going long at these high prices, 4238 may well be the ATH. pure guesswork now IMO. Not advice; trade with care, GLTA!
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After the AM burst, price sank back to settle 10 pips below last lower high. Getting bearish IMO. I shorted SPY and QQQ in June 11 puts atm...
Nice but do note the double bottom though, the "W" is what calls for an extended bullrun since 2020.
Vixtine
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@poister198, Although I definitely see your point what is causing me pause on a further rally is that 4 out of the last 5 weeks we have major "tails" on the weekly but SPX is staying stagnant. Certainly this shows that the "dips" have been bought aggressively but it doesn't look like SPX will be making a new high this week given the huge tail from last week. Instead we have yet another huge tail happening. If Vix closes the week above 19 then it will close above the weekly non-horizontal long term trend line since the March crash which would also give me pause. TNX appears to be consolidating and has formed a rising triangle...if it breaks above 1.69 (which it tried to do twice this month) then it will certainly put pressure on SPX in the very short term. Next week should be interesting...
DaddySawbucks
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@poister198, turn the page over... take a look at pattern before break in DEC 2018
iGVenOm
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Have the same feeling
illuminating_trade
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UnknownUnicorn1020621
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That looks good :)
azdevil
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nice chart, yes it has not made any new highs after toping out late April, dump pump dump pump, seems by design