Focusing on the current trend, I drew a bullish symmetrical continuation triangle. Highlighted at the end in red you can see a bullish double bottom being formed pretty nicley. This is on the daily chart. The longer the time the more probable the outcome of the indicators are. Although we all know many factors are driving today's market such as many fundamental things or for example a couple words spoken by the fed effecting which direction the market moves regardless of how many technical indicators are pointing something out. So it's smart to always keep that in mind. Simply said this outcome is saying that the S&P (the market) is due for another come down hitting another low, not necessarily a lower low but a low, and then that would technically speaking enable it to have a very bullish rally upwards. So this is not a bad thing if you want the market to go up as the overall long term trend, you just have to play it smart and prepare for one more leg down and pay attention to when it is signaling a reversal towards the upside and react accordingly. Maybe this will happen maybe it won't I just wanted to point it out. Anyone have any opinions I'd really like to hear? Good luck to everyone and happy Investing.
Oh and I'd like to point out that If this does play out I'd still be momentarily bullish for specific things like the outcome of a good earnings report even if the market is heading down, so for example Apple has good earnings I think the stock could rally that day before joining the market going down...
Oh and I'd like to point out that If this does play out I'd still be momentarily bullish for specific things like the outcome of a good earnings report even if the market is heading down, so for example Apple has good earnings I think the stock could rally that day before joining the market going down...