SPY again shows bear control till end July or August
Bloomberg (or was it Reuters?) predicted in November the economy would be moving sideways in a correction phase till mid-autumn 2016 at the earliest... Seems correct so far
The head and shoulders is a bit obsolete but still can be considered a vague indicator of the direction (based on volumes). Fibonacci levels are agreeing between the different peaks and valleys since last year.
MACD is showing strong signs of falling back to zero in the very near future. Stochastic is well above 100, RSI is close to 75, and CCI is touching on 100. These are obvious bearish indicators.
The last time this occurred was roughly November 2nd, 2015; it resulted in a slow and chaotic slide for the next 38 days till macd reached 0, followed by the final drop down to late January levels.
The final concurring indicators was the Fibonacci levels (.23) arriving where the 200sma (weekly) is on track to be... Early August. (Election Season will only make the end more interesting).
Good luck out there
The head and shoulders is a bit obsolete but still can be considered a vague indicator of the direction (based on volumes). Fibonacci levels are agreeing between the different peaks and valleys since last year.
MACD is showing strong signs of falling back to zero in the very near future. Stochastic is well above 100, RSI is close to 75, and CCI is touching on 100. These are obvious bearish indicators.
The last time this occurred was roughly November 2nd, 2015; it resulted in a slow and chaotic slide for the next 38 days till macd reached 0, followed by the final drop down to late January levels.
The final concurring indicators was the Fibonacci levels (.23) arriving where the 200sma (weekly) is on track to be... Early August. (Election Season will only make the end more interesting).
Good luck out there
Comment:
Followings the downward slopping Head and Shoulders. Be ready for a gradual but strong bear maul if the bottom shoulder is tried.