The market has made a nice move upward from the triangle breakout. It has now moved to the top of the channel and is looking to make a test. The indicators are all overbought. The price pattern is fairly weak.With the VIX being low and the leading indicator (Russell 2000) also showing a signal of topping out, the odds are higher for this to test 2095.
Potential Roadmap now that resistance has come in on SP500 Shark
Market found support, now can form a corrective wave down....then expect another rally...
The market is clearly exhausted. Another bounce higher to 2250 before the fall?
After breaking a Descending triangle, the SPY is forming a double bottom that could make for an interesting intermediate term trend. Just breaking through the 786 Fibonacci level, the targets for this potential breakout are T1: 208.53 T2: 211.24 For more, check out www.enhancingcapital.com
The SPY has broken this descending triangle pattern. Now that there is not a bearish formation, where will this head now? RSI is not overbought, MACD is just starting to send a bullish signal. It looks as if there will be some slow, arduous, upward movement. After breaking this pattern, the ETF found support at the 50 day SMA. For more, check out www.enhancingcapital.com
The behaviour of the index suggests a bullish bias. Good time to look for long entries on single stocks.
Directly after breakout out of an ascedning wedge pattern, the SPY is not forming a descending triangle. This is a bearish formation that is corroborated by weak indications from RSI, MACD, and Stochastics
S&P 500 is currently testing the previous Trend Line Support turned Trend Line Resistance, it's now becomes the middle ground battle between the Buyers versus the Seller. It would be interesting to see the market push higher to trigger sellers stop losses or the market push lower to resume the downtrend to trap new bulls. Since this is coming to the end of the...
The S&P 500 is still ripping & is still going up. Puttin up shorts is against the trend & can lead to margin calls. But could the S&P500 bullish trend ending soon? It looks like an ascending wedge, a short would be great if the trend changes. All the indicators are still green & it did not broke out of the ascending wedge. But we know.. what goes up will go...