As I did with the daily chart yesterday, I connected a trend line with the two previous swing lows and let them travel in time, then I put a vertical line on the swing high afterwards. And for the past two months, the 106.62 area was holding up as support. If current price doesn't come back up to that level, then the next area of interest I'll be watiching is...
I placed a trend line connecting the two swing lows and let it travel in time. Then I placed a vertical line on the swing high afterwards on 3-29-18. And where the two intersect at is where I'm looking as a possible support area in the future. Price finally hit that area today @ 105.91. Waiting to see if it holds up or not.
(Also on the chart are a 50, 100, and...
Ratio chart of iShares Core U.S. Aggregate Bond ETF (AGG--the most widely held bond ETF) to SPY (i.e. AGG/SPY).
Shows bullish forming saucer (or rounding bottom) in AGG against SPY...i.e. that risk-off (AGG) looks to be putting in bottom against risk-on (SPY). Also has bullish RSI divergence.
See bottom in 2007 for similarities.
Todays candle went over a strong resistance zone, look back and notice who many times price tested this zone, now it just needs to close over to stay confident. Also Bollinger Bands are still expanding, also good indication to stay long. I still stay with target "at least" around 108 I posted on
AGG finding support on lower part of the falling wedge. This Bond should rise up to the upper part of the wedge. Spike on volume can also suggest it breaking through the upper part of the wedge.
Only time will tell where the market will go, but sure is interesting trying to forecast. As of 11-1-2013 Spy still in charge. Will we run till 2014 then get a pullback as we did in 2007? lets hope, but be prepared for anything with the Fed fully in charge...
