FX:SPX500   S&P 500 index of US listed shares
137 2 3
While I have frequently remarked about a "pesky" lower trend line which generally kept the market above 2050, I lost sight of the fact that it has a counterpart running close to parallel above.

Both predate the recent channel down, most of which is "inside" the channel going up. Almost an optical illusion in that 75% of the weakness was within a channel going up.

After allowing the market to tag a daily R1, the bulls reclaimed control at the bottom of the "old" channel sloping up and blew through the top of the channel sloping down as if it were not there.

And the bulls took control of the market at favorable prices

And not by coincidence, the market is struggling in the 95/96 area which is where it is encountering both resistance and the upper trend line

Mango_1
7 months ago
So..... what are you saying, short ?
Reply
Quantum_Maryland_Capital Mango_1
7 months ago
Not yet. I would rather wait for failure and wait for a retest even if at a slightly lower level. Too much momo to the upside right now.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out