S&P almost fully recovered the losses after BREXIT and now is looking for the next challenge,making new highs!
I posted a similar chart earlier but I guess I'll post it again with a very minor tweak to the top trend line. It's still going down the tubes, I think. Just a lot more gradually than I previously anticipated. Watch your asset allocation and make informed trading decisions. :-)
There must be a comprehensive text, but I'm too lazy to write it.
we arrived at the top of the climb and from next week the sales are expected to begin . The max is placed between 2168 and 2179 .
we arrived at the top of the climb and from next week the sales are expected to begin . The max is placed between 2167 and 2177 .
... and the pink theme is still alive, when a diamond-pattern is complete than follows a sharper correction with a probability of ~70% .
After these curves movements we tend to see structural movements at the top. I expect a move down to the support level indicated by the horizontal line.
2136.50: all time high 2127.60: high before brexodus 2112.10: 1st high and meanwhile support after brexouds lows 2088.90: 2nd low after 1st high and meanwhile support after brexodus lows 2072.90 : intraday high (as brexit-referendum came out) 2072.90 : 1st low after 1st high and meanwhile support after brexodus lows between 2112.10 & 2072.90...
S&P looks like it's developing into a broadening top. Also at major top area currently. Seems to be having divergence too when looking at MACD direction. Will short if there is a H4 bearish price action.
Inverse head and shoulders pattern.
This chart shows the S&P index weighted by the dollar index (DXY). As you can see, it gives us a much clearer picture, and allows us to find better support and resistance levels. Why is that so? One explanation is that it shows us the S&P as viewed from the eyes of the average foreign investor, or from large investment groups which have to take into account...
Don´t be fooled by dem doomers & gloomers depicting race wars and what not. US stocks will keep on being bullish for at least the rest of 2016. Much Love...
Oil may retest 50 week moving avg. (bottom of Kumo) or test the Ichimoku base line. Markets may respond to oil in low 40's. Many oil experts have been claiming oil should turn around in late '16/early '17. The weekly Ichimoku seems to agree. But it also suggest more downside before end of the year.
Every time the S&P has made a Balance area at it's all time highs it has sold off hard. We just broke the most recent balance area to the downside again.. Looking for a bear run for quite some time. I fully expect market to revisit 1850's again, just given previous patterns. Best of Luck