I believe VOO (S&P500) is out of the Uptrend (Daily TF) it has maintained since the Feb 2020 Crash for the following reasons:
1. Broke ~1 year trend line (Yellow trend line)
2. Broke under previous HL on Daily (orange region ~$401)
3. Failed to make HH on Daily (above green region ~$417),
4. Failed to make it back into uptrend channel
5. Rejected by 50MA and consolidating/moving under
Price action could go up to retest the trendline, but my guess is we are in distribution stage now unless we can break about $417.
Further confirmation of loss of uptrend seen by printing of Lower highs (below $417 and $408 levels) on the daily chart. We have the 200MA as support, currently at ~$380.
It's also possible that price action is about to break neckline of Head and Shoulders pattern (on Daily).
Short term bulls and buy the dip people, I'd like to hear your ideas.
1. Broke ~1 year trend line (Yellow trend line)
2. Broke under previous HL on Daily (orange region ~$401)
3. Failed to make HH on Daily (above green region ~$417),
4. Failed to make it back into uptrend channel
5. Rejected by 50MA and consolidating/moving under
Price action could go up to retest the trendline, but my guess is we are in distribution stage now unless we can break about $417.
Further confirmation of loss of uptrend seen by printing of Lower highs (below $417 and $408 levels) on the daily chart. We have the 200MA as support, currently at ~$380.
It's also possible that price action is about to break neckline of Head and Shoulders pattern (on Daily).
Short term bulls and buy the dip people, I'd like to hear your ideas.