This thing could crack any minute. See the MACD and RSI obeying the trendlines below. the old top blue trendline is still very much in play. Has SPX formed a new RED channel up? Would not surprise me. Most I follow are in agreement that it is shooting for the 200dma, and if you look below this will most likely push the VIX under 30 at which time "they" will bang the drums and clang the symbols and declare the bear market over and the new bull market is upon us. God Bless The U.S.A! I'm gonna go buy a car! (Just kidding about the car thing)
Yup. Like that red zone. Sure looks like we're headed higher after Monday a.m. Good work. FLguy
ReplyDeletered channel is not a very clean but a great one from an idea point of view and quite a possible scenario.
ReplyDeletei am still in the blue camp, p3 follwed by p2.
thanks
linus
Good technical analysis and I would agree except this is options week and stocks are poised to drop once they hit resistance at the SPX 930 level and fall hard. Technical analysis is an awesome tool but must be examined along with other qualitative data to best make an entry or exit decision.
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