I don’t have anything to add to my longer-term views, but I have a few things I can discuss locally.
First, the S&P 500 may have finished what could be a technically perfect impulse wave today:
Read more “Weekend Review of the Markets: Upside Is Possible”
I hope everyone has had a good week. There are a few things I can discuss this weekend.
On Wednesday, we discussed the S&P 500’s breach of a trend line, and from there it went a little further on Thursday, then ran back up to check back in on that trend line today in a bear flag, and then sold off again the rest of the day:
Read more “The Weekend Review of the Markets: Some Good Developments for the Bears”
Nice work bears. So that was clearly a distribution as I had hoped and expected. All that choppy garbage up at these highs has produced a strong sell that has taken it out of the range, and we even managed to close under a trend line, too:
The S&P 500 continues to chop and grind its way through these overlapping and “corrective” structures:
Good afternoon, traders.
So yesterday, I discussed what I like to call a “bow tie” pattern that the S&P 500 was making. We’ve moved through this period first of contracting price, then into expanding price:
