ZH posted The Most Important Market Trendline Since 2009 Was Just Broken. And here is the chart -
On to the lie -
You've seen my LT charts. I agree with the above that an important TL busted, but .... does it make a difference A) where you start the trendline or B) what sort of market you are playing in (one with rules and one without)? About the only reason I still keep the charts and charbook today is that I truly believe that TA will get it right in the end. You can't run from the numbers. Alas, the question, when, still applies.
Here is a monthly looks to compare to the above. Since all technicians see things in a different way ..... course I could show it to you from multiple takes as well - I like this the best.
SPX Monthly - Here off the '09 low that lower support diagonal looks quite different. Off the '09 low I believe the the upper blue channel diagonal - where that breaks resistance is an even bigger deal proving just how overbought we are. The rising pink support coming off the '11 lows (the STB Diagonal of Death), that having broken is a much bigger deal to me. Now notice how blue resistance has become support. Uh, yup. That's the line I'm looking at. Also notice that there are a few MONTHLY horrific negative divergences. The cycle tops are also kinda cool I think. Also note the 10/20 ma. Oh, and the 38% retracement for the whole move - let's call it 1600.
Freedom watch -
It's so bad I can't figure out where to start. So none today.
More to come below.
Have a good day.
GL and GB!