Very typical 'W' pattern forming on 2h with a 'handle' on the end of the W. This projection would go to about 4400 on SPX500 , probabaly before the end of June. We have a nicely confirming MACD and RSI making higher lows through this construction. We also have very long shadows on the W bounce points (see circled lows) meaning the buyers were extremely aggressive buying at this trendline - I.e. "buy the dip" folks are being very aggressive on dips! Any closing under 4180 is caution; under 4160 would be reversal zone (I.e. not looking at new ATH's!) Otherwise it looks like we are getting close to an explosive upward move.
Other interesting things to consider: bond yields have been falling, the dollar is weak (and sitting on support; aggressive upside movement could be a problem for asset prices), and relative laggards in tech could wake up and propel things higher at any time (AMZN, GOOG, AAPL, MSFT in particular)
Other interesting things to consider: bond yields have been falling, the dollar is weak (and sitting on support; aggressive upside movement could be a problem for asset prices), and relative laggards in tech could wake up and propel things higher at any time (AMZN, GOOG, AAPL, MSFT in particular)
Trade closed manually
while I think there may be another day or two of window dressing, we seem to be getting a bit weaker on many already extended indicators. im not calling for a full-bore crash or anything, just taking some profits and moving on while things settle into place.
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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.