FX:SPX500   S&P 500 index of US listed shares
410 7 7
Am I the only one seeing the 60 minute bull wedge in the SPX500             , with positive RSI divergence?
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snapshot
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YaKa PRO
2 years ago
I see that too:
- Kind of 5 waves down in narrow channel where is little excess on the 11th.
- all against the 125d ema which retained 7times since Dec12.
- A great entry point if Santa claus rally is in from here.

BUT
- Although much lower than 6 days ago, this is still a high altitude buy signal.
- In May 2010, the FLASH CRASH happened on the exact same type of buy signal (which did not correct enough after 60points down from top)

So Yes buy signal but requires a tight and disciplined stop at 1970 because beyond that it could be inflexion of speed down with potentially 10% rather quickly.
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YaKa PRO
2 years ago
snapshot
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look4edge
2 years ago
I read somewhere that flash crash was caused by quotes stuffing and quotes delay (without timestamp) rather than technical picture, or?
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YaKa PRO look4edge
2 years ago
I was in front of it and experienced it...
The flash crash was already launched by a few minutes and then the book order probably went wrong while it happened as all systems went crazy.
I think the ex post explanation found by media are often wrong...
+1 Reply
chartmojo PRO
2 years ago
Well the RSI is actually in a wedge..looks to me like it will be coming to a slightly bullish inflection point at the apex of the wedge....looks like maybe price will slip into a horiz range for a bit..the move out of the apex should have some enegry
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Will Wong
2 years ago
Looks spot on! Congrats!
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