Price dropped lower and found support at the median line, bounced up, and is now at resistance near 2586. We must break above 2586 and test as support to continue the upward momentum. I have also drawn in the pink downward fork in case we hit resistance up here.
S&P 500 SPX500 Short Position Update Lowering stop to 2588.7 on short to 2588.9 (to break even if this trade goes wrong from here), but still looking for 22-23 points downside to 2578-2576 from 2589 entry point if right.
S&P Index SPX500 Short term double top/loss of upward momentum and now struggling below reistance at 2588-2590. A short term sell back to 2576 with stop above 2590 for 20 point win or 4 point loss
S&P 500 Index SPX500 Weekly Update in Short-term Needs to break and hold above 2588 to keep upside momentum and avert sideways/mildly down movement toward parallel Continues to grind upwards, averaging 10 points per week, and trampling every bear in it's wake, guided by a massive secondary impulse wave since the summer doldrum lows at 2416. No way can any...
Price has come up and passed through the middle median line and is using it as support multiple times. Look to see if price will hold as support, break through 2585, and go to the upper median line. We are starting to coil up into energy, so there should be a move soon.
Price has bounced twice from the median line and is still hitting the sliding parallel resistance line. Look to see if price can break through, or if we will break down from here.
Price has continued past 2577. Look for price to try again to test the upper median line. We are having some trouble getting past the upper blue median line as resistance, so price may pull back soon if we can't break it.
This is the daily chart of SPY that is displaying, in my opinion, a megaphone pattern that will likely resolve to the downside. As evidence of this being a megaphone pattern is the disjointed trend lines as well as the relatively large volumes that correspond to the "higher highs" and "lower lows." My reasoning for expecting this to be a reversal pattern stems...
Price has run up a bit higher after hitting the 2562 support level here. We are currently near resistance, so price needs to break higher and retest 2577 possibly as support to be confident that we can move higher.
Price is continuing to hit resistance near the sliding parallel here. Look to see if price can break higher above and continue its momentum to the upside.
Price has hit the back parralel in the action reaction set and is looking like it may point down. Look to see if the 2577 area hold as resistance yet again.
Price has come down and tested 2562. Price is starting to show consolidation. I have drawn in a new potential centerline and reaction line if price tries to go higher. Look for 2577 as resistance.
Price is continuing to hit resistance multiple times here on the sliding parallel. We need to break this hard to the upside and continue higher, or els price will come again down to test the blue median line.
Price continues to ride along the sliding parallel without breaking higher. See if price can break noticeably higher and retest as support to continue upwards.
Price has broken 2577 and is headed to new highs. Look to see if price comes back down to retest 2577 or the sliding parallel to continue higher.
Price held at support on the sliding parallel and brok higher pas 2577. Look to see if price will come down and retest and hold as suport before going higher to try to test the upper median line again.
Price has hit the sliding parallel and is moving up nicely to try to touch 2577 again. Look to see if price will break that level and retest as support to possible break out of the upper blue median line that is currently resistance. Notice how price bounced on the line that I had marked yesterday, so this was expected support.