Keeping it simple stay bullish

298 8 4
This one is simple. Buy the dips once it touches support. Nothing has changed we are going no where but up.
interesting chart,

I agree it is waaaaay too early to say that things are gong down, there is little to confirm this, chart still holds.

What does slightly concern me is that September is just around the corner which is traditionally a bad month, But I think things will be up by November and continue up to Jan as is usually the case

There will always be sellers to every buyers idea, that's what makes a market. Feel free to disagree, but I hope you buy the next dip if not this one, because we are going no where but up. A major bearish harmonic pattern was broken on the monthly. Check out my SPY 215 by end of year chart for reference of this pattern. You must also respect a trend line that is over a year old. As far as divergence goes, I don't pay it any mind for the most part unless it is significant. Price action is the only thing that matters. Look at the dot com bubble for example, we had negative divergence from 96 to 2000 on the Monthly chart. If you would have tried to short strictly based on the negative divergence factor you would have gotten your lunch eaten, as you watch the SPY go from 60 to 153. Also as far as negative divergence goes with this current bull rally there is 0 negative divergence to even appear on the monthly, and that is the only time to take notice of it. Still even when it appears the rally could continue for years. That is why price is the best indicator available. As far as a bear market is concerned we are no where near one. I am not sure how long some of you have been trading, so I am unsure if you have even witnessed the start of a bear market before. Let me tell you it happens so fast it will make your head spin. The SPY will start declining by 10-15 points in a day as I witnessed in 08. That is how you will know something is wrong. We have yet to have a day let alone days where that has occurred yet. This year we have merely consolidated the gains from last year. Next year will be another bull rally. I respect your opinions, but I recommend waiting for clear cut signals before calling for a large correction. Otherwise your words much like the words of people from the passed year calling for the same thing will fall on deaf ears of those lining their pockets from this rally. Trade well.
littleriver climbing_stars
Hello onebreath, I too respect your opinion and i thank you for sharing it. But, I think you read more into my comment and charts than was there. Infact, I did not read an answer to my question anywhere in your response. From the perspectives I presented, it appears there has been some change. Will this lead to a crash ? Who knows ? I did not make any such statement. But I wondered have you looked at your chart from these perspectives? A break this early on the monthly RSI is really too soon to tell . Perhaps at the end of the month we may know more. And a break on the weekly log chart, may be looking for trouble where none exists. But, i do find it does gives an early warning of trouble ahead. I have found value in what you have shared ; I hope you find some value in what I have shared with you . Indeed, Trade well.
climbing_stars littleriver
My comment wasn't directed towards you littleriver. It was to the two comments prior to yours. But since you have addressed me, I shall do the same with you. Here is how I see the monthly. How I see the weekly has already been published via this idea. It's interesting to see your views. I just see this bull market continuing for the foreseeable future. I believe next year we will see a large run up similar to 2013. Take care I appreciate your input.
littleriver climbing_stars
Hello again, Thank you for the clarification. I just saw your response under mine and assumed. We all know what that leads too. :0. It is sometimes difficult to tell here whom we are addressing. Thanks again.
Have you looked at that trend line using log scale or that RSI on a monthly time frame? A little bit has changed.
a lot has changed... pretty huge divergence in your RSI there
Unless the support line breaks...
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