S&P 500 test major support again after hoursNote the test breaks through for a short time and then bounces back up.
IVV
S&P 500 still trapped - breakout soon?S&P 500 has been trapped by several trend lines and inside a down channel since its blow off top. It still can't seem to create enough bullish momentum to break above the trend line, but not enough bearish pressure to break it down. It is sitting right on the support line of the up channel from March. As the edge of the channel approaches will that be enough to force it one way of the other? A break up can take us back near or to the ATH for a double top. A break down should signal a much more correction is close.
Excuse all of the lines.
S&P 500 trend lines & waves - What's so special about 2640???Lot's of trend lines and fib levels, so sorry for the mess. There are 4 trend lines and the current downward trend channel all intersect at 2640. I did not try to make that happen. I just started drawing them based on my waves and they just started to line up. I have no idea why or what it means. Maybe nothing, maybe something.
S&P 500 Grand Supercycle waves since 1872Another idea to not take to seriously. It was a weekend project. However, looking at such a large timeframe really puts things in to context. Note that price is on the log scale and the Fib Levels on the left are also log, but the smaller time frames are linear.
S&P 500 failed breakout and riding down trend lineShould have guessed that the morning rally in premarket was a setup. Overnight the market was down but around 8:30-10 it put in a rally. Instead of a breakout we corrected and riding down the trend line formed by the recent tops in the correction. We have been riding the correction coattails of that since. I guess the true jobs numbers and weakness of the economy are slowly sinking in and this bull rally is way up in the no support zone. Not sure what this means for the next few days. It is normal to get a retest of the ATH for a double top, but the S&P is so overextended that it may just be more down. I am still calling for a near term low around 3050 (back to June support area).
S&P 500 waves - double top 3525 and then bottom 3050???More of my wave analysis. If I had to guess, I would say we just finished Wave A and started Wave B this morning. Looks like we just complete subwave 1 of 3 towards a double top. The give away is the push to a 2.1 fib extension instead of a 1.3 or 1.4 like the last few days. We are about to see a wave 2 down to the support and then a strong push for wave 3 back to resistance (1.7 to 2.0 ext). The double top at 3525 aligns with the resistance trend line from 2009 through March peak (pink line). I then laid out the Wave A fib levels at that top of wave B. A zig zag correction can go all the way down to 1.618 fib. This is the same setup as the March drop. It also lines up with the standard minimal correction of 0.618 retrace of the wave off the March low. That takes us down to 3050. Right where it felt like this rally should have stopped in the first place.
All the waves line up. Interesting to see if it works out. If I am wrong and this rally breaks above the 2009 resistance line and holds, then get ready for some major FOMO to 4000.
Hope this helps and good luck
S&P 500 waves and trend linesSee chart for details. Not clear this morning if it is looking to break up for a wave B to test ATH or we just saw wave B and are headed for wave C. Note that a wave C over the next day or so could hit my marked target range. The target range is the 0.618 fib line. You can check back over the last 10 years or more and any large rally ends in a correction that is at least 0.618 retrace.
S&P500 Monthly- Long term chart. Bearish RSI divergence, 1600??S&P500 Monthly- Long term chart. Bearish RSI divergence. 1600 worse case target.
SPX S&P500 double top A double top is an extremely bearish technical reversal pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs.
If you are interested to test some amazing buy and sell indicators, which give the signal at the beginning of the candle, not at the end of it, just leave me a message.
S&P 500 Waves - Run out of steam or one more pushS&P 500 is at a crossroads just like the NASDAQ. It has been in correction since March. Thought it might turn down at the 1.4 Fib but it has pushed to the 1.5 level. Will it turn down here or can it push to 1.6 and a new ATH? The divergence indicator it has been showing bear for over a week. Is it the end or just consolidation for a new push.
Hope this helps and good luck.
S&P500 daily- Divergent RSIs (BEARISH)S&P500 daily- Divergent RSIs. Three consecutive higher highs in price peaks, and three consecutive lower lows in the corresponding RSI peaks.
This is bearish unless we snap out of this.
S&P500- possibly a post-Trump Nov victory rally to 4000, in 2021S&P500- possibly a post-Trump November election victory rally to 4000 in 2021.
S&P500 index back to the late 1800sNice 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.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?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
S&P500 daily- Rising Wedge with near certain breakout.
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
S&P500 daily- Caught up in a Rising Wedge with a overbought RSI60% 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- Ascending Broadening Wedge. 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 the SP500 is the 200-day moving average. 'A flat 200-day Moving average is King' Oliver Velez. The 200-day SMA is now flat. Being above consistently is bullish.
Soon, we will all know, whether this a durable bull breakout or a flop.
Everything was Programmed!We're living in a Matrix.
Algo backed by Fed's Purchasing Power defines the Tape.
Expects S&P 500 to go all the way back to previous All Time High at 3400 in July.
"History does not repeat itself, but it Rhymes" - Mark Twain
