Nice uptrend over time plotted on Log chart. If index is to retest long term support, levels will need to retest around 1500.
S&P500 daily- Consolidating into a Symmetrical Triangle, after breaking down from Uptrend. Interesting, AUD/USD daily chart looking like a carbon copy too.
S&P500 daily- Potential for a 1-2-3 trend change reversal? Step 1 completed. For those not familiar with Victor Sperandeos' (Wall Street legend Trader Vic's 1-2-3 trend reversal method): thepatternsite.com
60% of Rising Wedges end with a downward breakout. However, downward breakouts are some of the worst performing chart patterns, with an unacceptably high failure rate, small post breakout declines, and pullbacks occurring 72% of the times. Thomas Bulkowski- Encyclopaedia of Chart patterns. thepatternsite.com
60% of Rising Wedges end with a downward breakout. However, downward breakouts are some of the worst performing chart patterns, with an unacceptably high failure rate, small post breakout declines, and pullbacks occurring 72% of the times. Thomas Bulkowski thepatternsite.com
S&P500 daily- Testing times. Likely, to reflect down in the short term.
S&P500 daily- Ascending Broadening Wedge- ABW (with three contact points on either side of the ABW). ABW tend to not appear during bear markets, most often seen in bull markets with downward breakouts. Breakout is 52% of the times downwards. Also, two other critcal points- 1) The Fib retracement 61.8% seems to soon be either support of resistance. 2) 3000 on...
SP500 daily chart- Inside the eclipse, price is range bounding inside a broadening wedge, testing the 61.8% Fib Retracement level, and just under the all important flat 200-day Moving Average. SP500 must over come all these obstacles to demonstrate a clear path to recovery.
SP500 daily- Rising wedge pattern/50% Fib Retrace/Bollinger midline support. Rising Wedges has one of the worst post breakout performance and high failures (especially for downward breakouts)- Thomas Bullkowski.
S&P500 daily- 50% Fib retracement respect.
Since market peak on Feb 14th, SP500 is down 26%, Bitcoin down 35%, and Gold up 3.6% Interesting how everyone use to compare Bitcoin with Gold saying it was 'Safe haven'- clearly not!
S&P500 daily- reflecting south from 20-day MA and 38.2% Fib retracement level.
S&P500- Back within Broadening wedge. Major support around 2000-2050. If this is breached convincingly, watch out below!!
The 200 period moving average has been acting as support for a long while. If this Coronavirus goes nuts, prices will slice right through it.
S&P500 back into its broadening wedge formation. Likely to stay there if it fails to convincingly breakout above its broadening wedge.
Still a strong overall drowntrend regardless. SP500 is down over 11% at its peak in just over 7 trading days, and with all corrections (assuming it's that), takes an average of 4 months to hit bottom. If it is a bear market, than the average time to hitting bottom would be over well over 4 months.
S&P500 - Daily chart hits temporary support. Likely to be temporary support. The virus won't stop spreading anytime soon.
1-2-3 trend reversal completed, if the S&P500 daily chart breaks below red line (3215)