SPX500 wedging itself into a rising wedge.
S&P500 testing Uptrend line.
It is just an amazing rally since last year when you look at it from this perspective. What rational person would have predicted that the largest worldwide crisis in a century would lead to one of the largest market rallies in history? The crazy part is that it does not look like it is going to stop any time soon. How much higher can it really go? 1M 1W 1D
Today it is sitting right on top of the rising wedge pattern formed from the past years historic rally. Now the question is will it find support and continue to rocket it up or will it break down through the wedge pattern? 4h
This recent strong rally looks a lot like the one in August to me. Both the cRSI and PMO seem to be indicating that some level of pull back is inbound. 1D 2h
thepatternsite.com Breakout can be in either direction.
Some of my core TA that I follow on the 1W. The S&P is way above the regression channel and making a mockery of the 100 and 200 SMA. The RSI was starting to show what looked like a correction but is now showing what looks like a rebound on the weekly. The PMO however looks to be running out of steam and is starting to pinch and switch from green to red. Currently...
If the US 10 yr treasury rate falls, the breakout will be upward breakout.
Sitting right on the bottom of the intersection of the 2019 and 2020 rising wedge patterns, and it is just touched the resistance line of the correction's regression channel. It looks like it has to choose up or down today or tomorrow at the latest.
Don't know how or why, but the pattern lines up perfect. Note the Price Momentum Oscillator (PMO) on the 1W
All the articles on the web from all the big networks and talking heads are still calling for a great year in the stock market based on stimulus and what is expected to be a surging consumer demand. Just look at this chart and think about that for a moment. I am not saying it can't be true. I'm just saying admire the bubble that is the S&P and what it means to go...
Another solid day in the red Wednesday for the S&P. It is now sitting right on the support line of the rising wedge. What will tomorrow bring: A bounce or further fall? I find it interesting that all this FOMO about stocks going up the past year was because the economy will rebound easily given all the stimulus and thus stock prices were forward looking and...
Pattern looks very similar. Let's see if we get a move up or down tomorrow to validate. And because I have a million different ideas on these charts. And one more
Okay, now that I got your attention. Here is my big picture view of the the S&P 500 over the last few years. The one thing that I have always had in the back of my mind was the rally since March 2020 was just an attempt to regain the 2019 rising wedge. It is very interesting that it looks that way by the patterns I drew. I always felt the crash in March 2020 was...
I have brought this up a few times of the last year, but today was just another example. In the chart you can see that of the 2% gain so far today, about 1.5% of that came during aftermarket and premarket hours. I did an analysis way back in June or so last year that showed something like 75% of all major market moves happen during off hours. Most regular hours...
S&P500 daily- Still within Rising wedge if using non-log chart. Of course, on the Log chart, the S&P500 has already broken support line. However, I think from history, the market tends to favor the non-log chart in most cases.
Not a great sign that the S&P closed the week under the main channel that it has been in since the beginning of November. Now, it was below this channel during the big dip at the end of Jan, so take that with a grain of salt. But twice in a month can't be a good sign. The good news is that it is still inside the regression channel. Some possible rising...