S+P 500 Broke out to New Highs on the week today,
above 2625.76, the prior weekly high in a BULLISH Breakout
after holding key support at the 2600 level.
One more upside day, will give a BUY SIGNAL,
on the McClellan Summation Index,a key breadth indicator
reversing a nearly 2 month decline, since November 2018.
That is a very important trend following indicator in the market.
The McClellan Oscillator continues to be historically Overbought
with a reading today of +280.99,
but keep in mind that readings of that magnitude show that this kind of buying momentum
coming into the market, is a very BULLISH upside participation, and nearly impossible to stop on a dime.
Momentum has swung from historically oversold, to historically overbought
in a a little over 2 weeks, a pendulum historic swing for the ages !
The laws of physics swung the market in one direction,
and then back with force, in the opposite direction,
truly a historic market type event.
A divergence is showing up however, in the McClellan Oscillator which reached a high
of a reading of +354.19 on January 9, when the S+P Closed at 2584.91,
so S+P 500 price has continued to rise, as breadth has fallen off slightly.
Readings Above the 0 Line are considered Bullish Momentum, and Below the 0 Line are considered Bearish
Short Term Trading Trend = Bullish
Short Term S+P 500 Trading Support 2606.36
Short Term S+P 500 Trading Resistance 2653.00
SPX Last 2635.96
This is a new daily market review, that I will be writing here on tradingview.com,
after the market closes, each day, or as needed throughout the week.
These are my own short term market observations,
and are not ever to be considered trading advise of any kind
Do your own homework. Reach the goals that you set out for yourself !
Comments/' Questions are welcomed.
Thank you
THE_UNWIND
1/17/19
NEW YORK
above 2625.76, the prior weekly high in a BULLISH Breakout
after holding key support at the 2600 level.
One more upside day, will give a BUY SIGNAL,
on the McClellan Summation Index,a key breadth indicator
reversing a nearly 2 month decline, since November 2018.
That is a very important trend following indicator in the market.
The McClellan Oscillator continues to be historically Overbought
with a reading today of +280.99,
but keep in mind that readings of that magnitude show that this kind of buying momentum
coming into the market, is a very BULLISH upside participation, and nearly impossible to stop on a dime.
Momentum has swung from historically oversold, to historically overbought
in a a little over 2 weeks, a pendulum historic swing for the ages !
The laws of physics swung the market in one direction,
and then back with force, in the opposite direction,
truly a historic market type event.
A divergence is showing up however, in the McClellan Oscillator which reached a high
of a reading of +354.19 on January 9, when the S+P Closed at 2584.91,
so S+P 500 price has continued to rise, as breadth has fallen off slightly.
Readings Above the 0 Line are considered Bullish Momentum, and Below the 0 Line are considered Bearish
Short Term Trading Trend = Bullish
Short Term S+P 500 Trading Support 2606.36
Short Term S+P 500 Trading Resistance 2653.00
SPX Last 2635.96
This is a new daily market review, that I will be writing here on tradingview.com,
after the market closes, each day, or as needed throughout the week.
These are my own short term market observations,
and are not ever to be considered trading advise of any kind
Do your own homework. Reach the goals that you set out for yourself !
Comments/' Questions are welcomed.
Thank you
THE_UNWIND
1/17/19
NEW YORK
I am Bearish on the Stock Market, Intermediate, and Long Term.