Looking for the Market Top SPX S&P 500
The markets currently in the euphoria stage, posting ATH's everyday. Its only a matter of time before it pops.
Heres something to keep an eye on. Using the pitchfork to find areas of support and resistance, pivots were placed using the last major recessions.
There was a double top (1500 region) in both bull runs before 2000 and 2008, this should now serve as a major support level.
The trend angles in the bear markets ranged from 59-75 degrees during in the last two recessions. Both losing about 50% and lasting a little over 2 years.
If history repeats itself, this lines up perfectly with the major support region and falls in line with a similar trend angle and time range. Of course, all while still fitting inside the pitchfork. Too good to be true?
Also going on the 3rd failed breakout at the top of the pitchfork. This area could serve as the perfect bull trap before we drop.
Heres something to keep an eye on. Using the pitchfork to find areas of support and resistance, pivots were placed using the last major recessions.
There was a double top (1500 region) in both bull runs before 2000 and 2008, this should now serve as a major support level.
The trend angles in the bear markets ranged from 59-75 degrees during in the last two recessions. Both losing about 50% and lasting a little over 2 years.
If history repeats itself, this lines up perfectly with the major support region and falls in line with a similar trend angle and time range. Of course, all while still fitting inside the pitchfork. Too good to be true?
Also going on the 3rd failed breakout at the top of the pitchfork. This area could serve as the perfect bull trap before we drop.
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.