Almost there.
Spot the Bear. Weekly chart analysis of S&P500
- Thread starter romik
- Start date
Almost there.
Also worth mentioning that we have just surpassed the length of the SPX rally from 9/28-11/3/15...254.67 pts (about 1-2 spx pts more currently)...on a percentage basis it is even more impressive.
Rally is out of 'steam'. Expect a reaction soon.
Well, if the intent of this rally was to create complete "shock and awe", I would say that it has been wildly successful...In early Feb, the chatter was SPX down to 1550 and now it's alot of 2350 type of sentiment...flattish 50/200day MA's and a nearly identical structure to last October...
Nobody can warrant anything at this juncture. It's all a bit of a coin toss now, we either breakthrough the upper resistance (previous support) referring to Nasdaq, which would conclude the main theme of this thread or there is a lower high, which is what they are all panicking about, another failure to advance. To be frank if markets do tank I won't be jumping for joy.
I think we see 2450-2490 in the next 18 months or even by the fall of 2016. Corresponds to 245-249 SPY, then I think the party is over and it gets cut in half. But...who really knows for sure
I think we see 2450-2490 in the next 18 months or even by the fall of 2016. Corresponds to 245-249 SPY, then I think the party is over and it gets cut in half. But...who really knows for sure
based on what?