Today before the SPX open 3/9/20 a Full moon day, I posted SPX support at 2750.
This was based on Point & Figure support at 2750
Fib support at 2746
Chart support at 2728.
The SPX closed at the Fib support 2746 just 4 points below Point & Figure support.
Intra day low was 2734 just 6 points from chart support.
I needed to see how SHCOMP traded today. As I posted before, its amazing that Chinese stocks are now outperforming US stocks. I was expecting a crash.
Tonight SHCOMP started down and as a write its going up. What this index is doing is the strongest piece of evidence that the decline in US stocks is complete.
A new multi-month rally has probably begun, that could before the end of 2020 bring the SPX to a new all-time.
There's so much evidence of a bottom that I can't list it all in one post. Additional posts will come.
I have not seen this much evidence of a potential market turn since late December 2018.
I have not been this bullish on US stocks since December 2018. I trust my indicators.
Please see my SPX posts from December 2018 to January 2019.
Mark
This was based on Point & Figure support at 2750
Fib support at 2746
Chart support at 2728.
The SPX closed at the Fib support 2746 just 4 points below Point & Figure support.
Intra day low was 2734 just 6 points from chart support.
I needed to see how SHCOMP traded today. As I posted before, its amazing that Chinese stocks are now outperforming US stocks. I was expecting a crash.
Tonight SHCOMP started down and as a write its going up. What this index is doing is the strongest piece of evidence that the decline in US stocks is complete.
A new multi-month rally has probably begun, that could before the end of 2020 bring the SPX to a new all-time.
There's so much evidence of a bottom that I can't list it all in one post. Additional posts will come.
I have not seen this much evidence of a potential market turn since late December 2018.
I have not been this bullish on US stocks since December 2018. I trust my indicators.
Please see my SPX posts from December 2018 to January 2019.
Mark