For those who look to unworldly like market events, and try to explain them logically, then the all time record high today in the S+P 500 should be on your top ten list of all time.
Never have I seen a technical pattern unfold like this one before.
A completely valid "rounded top rollover pattern, with almost precise time measurements in "price fall", ended up in being the structure, or the foundation for this record price, at the top of the mountain.
I apologize for not being able to recognize the "blow off move before this. Once the S+P got past 4470, it was a rendezvous with destiny, and the all time high, and those who ended up shorting this market, paid dearly for being dead wrong.
I will leave it to those who understand all the algo computer methods that drive price seemingly up,up, and away The market is now in the hands, of those who know what' a self fulfilling prophesy really really.. is.
Algos? This is just the Fed. The entire market is driven by inflation from the Fed. Period.
gdleibow
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October is the month that has to hold. IF the net 5 trading days go well it is off to the rces in November and December. Depending on how the market reacts we could be seeing the final moves before a devestating bear returns. BUT can't make that determination till we view the move in January.
UnknownUnicorn493766
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goodo
leonardoauer
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5000 pts next target.
AF_D
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There’s still too much pessimism in the market for a fall. Only when the last bear turns bullish will a meaningful correction take place. Markets are contrarian. The bears are correct, this market is built on pillars of sand…but the market never makes it easy to call tops (or bottoms).
leonardoauer
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It might not stop, it could go higher and higher forever
leonardoauer
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This is crazy!
BobbySpa
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Where are we?
leonardoauer
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The month did not close yet, but I think it's valid to say that It was such a strong reversal, surprisingly strong. I trade the 5 minutes chart every day, and I'm used to those patterns. I have a rule that I never short first reversals on strong rallies (most attempts to reverse strong trends fails), and you can see in the monthly chart that the rally is very strong. A second attempt for the bears might work, november or december being a strong bear bar for example.
Chillam
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It certainly looks like ya typical roll-over and lettuce on top '69'er ie H'n'S top directly connected to an inverted H'n'S ..... hahaha Normally ends with a blinding dual whammy explosive double header bull & bear exhaustion followed by lots of swallowing .... of pride :) and recovery time (consolidation) before the next serge of vitality. Ya read it here first !!