davidismyname

davidismyname

February - March 2021 may be a repeat pattern of 2020.

davidismyname

It has held up well this week, considering the indexes making new highs. Let's see if there's a re-test and continuation of this rise!

davidismyname

The S&P is breaking out of a massive rising wedge (magenta lines) with the upper trend line of highs established in October 2018. Can it hold? For the sake of sanity, I think it should correct below the upper trend line. There's a big 200-day moving average and lots of November gaps to fill down below. It's like a kid with lots of energy who wants to go...

davidismyname

It started taking off, but then pulled back a bit. Can it hold above the channel line into closing?

davidismyname

Thanks to @Dr_Roboto for identifying some of the lines and trends reflected on this chart. The S&P 500 is within 12 hours of hitting a rock (a very wide red-lined down-channel between Aug. 26 and Nov. 27) and a hard place (a light-blue-lined uptrend since Oct. 30). The price has to break through one or the other, and as I type it's leaning toward the light blue...

davidismyname

Based on if/when it breaks to the upside, the distance from the bottom of the cup to the breakout will determine how high it rises above the breakout.

davidismyname

We will soon see a break above or below, but MACD has crossed down and volume is low.