The trend line follows the lows in corrections in the late 1990s bubble through the tops in early 2000 and late 2007. Looks like we already hit that trend line peak on April 27 at 2,126. But even that isn’t the most interesting point here. The tops in early 2000, late 2007, and late April 2015… are exactly 392 trading weeks apart.
interesting... nice chart and good points - I am bearish so probably bias anyway - but this is very good analysis
HamedAghajani
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Thanks, appreciate your comment. Kind regards, Hamed.
CoinedByCrypto
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Nice chart and good points. Now we just have to see how the final stages pan out
HamedAghajani
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Thanks for the comment.
HamedAghajani
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Daily chart analysis, reveals another interesting story;
Despite the attempt in making new highs in price the, RSI is bound under 60-65 resistance line, and divergence between the price and momentum indicators is at a level of a sever warning.
HamedAghajani
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A similar story applies to the intra-day (6H) outlook.
HamedAghajani
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HamedAghajani
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The S&P failed to close above the trend-line which is now acting as resistance. On the basis of momentum indicator, this is the 3rd time it is going to test the 45Weeks EMA. At the moment the price is still above 9 weeks SMA. The other two times that priced tested the 45WMA, it felt for at least 3 consecutive weeks. Lets see if this is the case for this time too, if affirmative, How many percent, then?