S&P 500 IndexUpdated SPX, more chops ahead before a big move
Well, human behavior repeats and so does price cycle?
2014 saw a 3.5 months of consolidation before a substantial move, is the pattern going to repeat?
If so we could have a new catch phrase in stock market, "Consolidation in May" to replace sell in May
Lets check on how the 9 sectors are performing for the time being (bullish case)
1. XLI (W bottom)
2. XLB (a CUP)
3. XLK (Wedging)
4. XLU (channel support)
5. XLE (bull flag to fill gap)
6. XLF (no way to run, decision time)
7. XLP (looks toppy)
8. XLY (bull flag)
9. XLV (in triangle)
Extra:
XLY/XLP (break 1.59 = Risk on)
P.S. in case all sectors break down, this would mean correction for SPX after the consolidation (that's for bearish case)
2014 saw a 3.5 months of consolidation before a substantial move, is the pattern going to repeat?
If so we could have a new catch phrase in stock market, "Consolidation in May" to replace sell in May
Lets check on how the 9 sectors are performing for the time being (bullish case)
1. XLI (W bottom)
2. XLB (a CUP)
3. XLK (Wedging)
4. XLU (channel support)
5. XLE (bull flag to fill gap)
6. XLF (no way to run, decision time)
7. XLP (looks toppy)
8. XLY (bull flag)
9. XLV (in triangle)
Extra:
XLY/XLP (break 1.59 = Risk on)
P.S. in case all sectors break down, this would mean correction for SPX after the consolidation (that's for bearish case)
Note
Note
Note
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.