Note the trading channel since 2018. There are many touch points over the last 2 years.
Some critical trading channels over the last decade. I also found an interesting fib level pattern. May be nothing, but looks interesting.
Notes some key trendlines, support/resistance, and FOMO areas. I also see one clear gap that has not been filled yet.
S&P 500 in clear rising wedge pattern, which is a bearish reversal (see other examples in last few years). In addition, the S&P is just a hair under the major resistance trend line that S&P has not broken since 2011! I know the FOMO is strong, but all signs are pointing to a correction next week. I have also noted all of the other major FOMO instances recently....
Looks like a rising wedge reversal pattern indicative of a wave B correction, see Oct 2018. Note the massive momentum in the MACD and RSI reaching overbought level just like 2018.
A monthly chart of IVV (S&P500 fund) Look at the bounce at the .618 Pretty isn't it?
TLDR: The S&P 500 is about 2/3 way through its motive wave. It should have a peak around 3110 in the early in the week. A small pull back to around 3060, then one more rally to around 3130 by weeks end. After that expect a new corrective wave. The scale of this corrective wave will most likely set the tempo for the rest of the month (to the moon, sideways, or down...
Just another shot at estimating what the next few weeks may look like for the market. Laid it out on the IVV because my other charts would make it too messy.
Better hold then the SPY etf. Dividen + Percentage wise .03% more activity... dollars and cents.
Possible retracement from the all time highs.
In this moment I use a ETF IVV to show a uptrend channel.
In this moment I use a ETF IVV to show a uptrend channel.
19-JUL www.pretiming.com Investing position: In Falling section of high risk & low profit S&D strength Trend: In the midst of a downward trend of strong downward momentum price flow marked by temporary rises and strong falls. Today's S&D strength Flow: Supply-Demand strength has changed from a weak selling flow to a suddenly strengthening selling...