At Friday's close, the S&P 500 was within kissing distance of it's ATH. The bounce from the 10% "correction" was so steep and sudden that I'm not sure if we can actually classify it as a correction. The Stoch RSI looks ready to plunge, the MACD looks like it's getting ready to follow suite, but not quite there yet. The RSI is confusing as it looks like it might be...
Just looking at the recent bear trend that we're in with regards to the Fibonacci retracements from 275. The volume is fairly dead and it's my opinion that the recovery to 400+ was over-extended with whales and FOMO moon children. With all that time spent around 380-390, I think the market is making up for lost time with some proper bleeding and that the end isn't...
The 50% fib line has turned from support to resistance with the 4hr closing underneath it. The over-extended recovery has some haemorrhaging yet to come in my reckoning. Sit tight.
Looks like 400-410 is providing enough resistance on this decreasing volume to keep it down for the moment.
Lot's of little triangles, we're currently in one.
A very basic chart showing some details of what's going on at the moment. In my opinion, all bets are off.
This is my first chart and may be completely off the mark. Any advice is appreciated.