[SPX] Sliced Down by 4Y Peak Trend... Because OF COURSE!
Oh so vaccine news is still BULL CITY but COVID spiking to multiple Week on Week ATHs across the country and still being months away at a minimum from a mass produced and distributed vaccine doesn't matter at all lol.
The market trying to have its cake and eat it too!
The activist FED trying to pump for Trump has lost all incentive even if Trump somehow manages to convince his activist SC to steal it for him.
This 4Y peak trend (Blue) is devastating, obliterated Price just like in Sept except this time no close in that channel just w/e desperate gap up to try to trigger a Bullgasm. Falling out of the Rising Wedge after retest also very bearish here.
Rule of Life: Gaps are meant to be filled
And filling all the gaps from the past week gonna be painful and trigger greater selloffs.
Price fell right back down to our equally devastating magenta box and sitting right above our critical 5Y trend (yellow) and 2Y Peak Downtrend (light blue). Also the 2M narrow peak downtrend (red) is converging here as well.
Our local S/R from last RW structure (light blue and magenta) also held up very nicely at the top of the gapup in the 4Y Peak Channel.
Longing above the 4Y peak channel is dangerous and odds are still in favor of downside from here. Just nowhere else to go.
The market trying to have its cake and eat it too!
The activist FED trying to pump for Trump has lost all incentive even if Trump somehow manages to convince his activist SC to steal it for him.
This 4Y peak trend (Blue) is devastating, obliterated Price just like in Sept except this time no close in that channel just w/e desperate gap up to try to trigger a Bullgasm. Falling out of the Rising Wedge after retest also very bearish here.
Rule of Life: Gaps are meant to be filled
And filling all the gaps from the past week gonna be painful and trigger greater selloffs.
Price fell right back down to our equally devastating magenta box and sitting right above our critical 5Y trend (yellow) and 2Y Peak Downtrend (light blue). Also the 2M narrow peak downtrend (red) is converging here as well.
Our local S/R from last RW structure (light blue and magenta) also held up very nicely at the top of the gapup in the 4Y Peak Channel.
Longing above the 4Y peak channel is dangerous and odds are still in favor of downside from here. Just nowhere else to go.
Kommentera:
RSI had a bit of running room from Friday up to the 2Y downchannel (orange), which it closed today. Should bounce off and head back down from here...
Kommentera:
VPT RSI also broke back into the selloff wedge (white line) as I suspected may happen. This is mixed because above the red dotted line is usually bullish but such a tight selloff wedge is gonna be hard to overcome. More likely Price crashes back down.
Kommentera:
There you go people, bounced off our major S/R up to our mid-downchannel S/R.
This week still DO or DIE... half the people think market will shatter the 4Y Peak Trend in the single most epic bull run ever, other half still short down to 3k-3.3. Quite the opinion battle we have going.
A break under 3530 should trigger a broader selloff to close all last weeks gaps.
The case for holding above 4Y trend seems quite weak and amounts to 'things are different this time' usually more creatively put as a 'paradigm shift' to sound like they're not saying the thing you're not supposed to say as a trader to justify your position.
Any spike up would almost certainly be short-lived and maybe reach 3.8, I think 4k is rather obscene but still possible for a reversal point. RSIs all out of position to bull run right now so more likely we get at least a small pullback before any runup over the 4Y Peak Trend.
This week still DO or DIE... half the people think market will shatter the 4Y Peak Trend in the single most epic bull run ever, other half still short down to 3k-3.3. Quite the opinion battle we have going.
A break under 3530 should trigger a broader selloff to close all last weeks gaps.
The case for holding above 4Y trend seems quite weak and amounts to 'things are different this time' usually more creatively put as a 'paradigm shift' to sound like they're not saying the thing you're not supposed to say as a trader to justify your position.
Any spike up would almost certainly be short-lived and maybe reach 3.8, I think 4k is rather obscene but still possible for a reversal point. RSIs all out of position to bull run right now so more likely we get at least a small pullback before any runup over the 4Y Peak Trend.
Kommentera:
This is the highest gravity point by far anywhere near, why it's pulled price back down.
Slipping under this point is quite bearish...
Slipping under this point is quite bearish...
Data analyst with a passion for best fit lines B)
