Monday, June 28, 2021

SPX Update: A More Detailed Look

Let's just focus on one chart today.  SPX is still in "diagonal or bull nest" territory, but I've added a few annotations to help readers visualize these two options.  Presumably, even the bearish diagonal would need to chop a bit higher before reaching a potential resolution:

In conclusion, the market has continued to make upwards progress, but will likely sort the wheat from the chaff soon enough.  The bull nest, if it came to pass, would likely start to break away soon (see "bull: 3 and 4" above, which would lead to bull 5 at higher prices), whereas the bearish diagonal would probably see its "bear: iii" stall in the upcoming sessions, which would then lead to a deeper retrace in Bear: iv, prior to a final new all-time-high in Bear: v.  Trade safe.

1 comment:

  1. Hi,
    What other situation than COVID can create any crash in markets? COVID has set a baseline.