icloud

SPX Weekly trend

SP:SPX   S&P 500 Index
69 7 1
As i see it the trend is not really intact anymore, the 1750-1760 support did not hold up and price is struggling to get back above. 100SMA 1770 and 50SMA 1810.
i HERE A LOT OF INVESTOR AND TRADERS SAY THIS IS A MINOR SELL-OFF AND I WANT TO TELL ALL OF YOU THERE WRONG. THE MAJOR SELL OFF HAS ALREADY BEGUN. THE S&P 500 HAS ALREADY FORMED A PERFECT MONTHLY WOLFE WAVE PATTERN WHICH IS IN STAGE 5 EXTREME, WHILE MOMENTUM HAS ALREADY TURN DOWNWARD. THE MARKET WILL NOT ADVANCE SIGNIFICANTLY ANY FURTHER. THE DECLINE WILL DROP TO THE 700 TO 600 AREA. SO ANY ONE HOLDING STOCKS OR INDEXES FOR THE LONG HAUL ARE GOING TO LOOSE GREATLY. CHECK OUT THE WOLFE WAVE PATTERN.
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icloud Mikke2130.
And the index is now above its 20SMA again. Thanks for the alternative input.
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So where is the next support? I have 1685/1700
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icloud QuantitativeExhaustion
Most simple it's the 200SMA 1708. But today the index seems to have regained the 1750-1760 area.
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icloud QuantitativeExhaustion
I use mean reversion all the time. http://en.wikipedia.org/wiki/Mean_reversion_(finance)
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icloud QuantitativeExhaustion
If you have an alternative view of weekly or daily please post it :-) ! The rule for me when drawing a trend line is to get as many contact points as possible,
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I was just applying a fib extension for future support from previous Wave 1 bottom/top
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