Sometimes when a market or stock comes close to a significant support/resistance area there's a sharp rejection.
If a market is nearing support a sharp rally could erupt.
Nearing a top a sharp decline may occur.
On 8/12/20 the SPX reached 3387.90 only 5.60 from the all-time high made in February.
Subsequently the SPX has struggled to go lower as noted in the hourly Stochastic, which as of 8/15 was lower with a higher relative SPX.
The SPX could be forming a shallow base just below the all-time high, if so, it could be a great opportunity to enter long positions.
This could be especially great if the SPX can reach the noted support zone with an oversold Stochastic - as noted in my prior SPX post.
My new Volume Profile indicators are continuing to give valuable market insight. They are definitely worth their cost.
More information about these indicators will be coming soon in different publication.
Mark
If a market is nearing support a sharp rally could erupt.
Nearing a top a sharp decline may occur.
On 8/12/20 the SPX reached 3387.90 only 5.60 from the all-time high made in February.
Subsequently the SPX has struggled to go lower as noted in the hourly Stochastic, which as of 8/15 was lower with a higher relative SPX.
The SPX could be forming a shallow base just below the all-time high, if so, it could be a great opportunity to enter long positions.
This could be especially great if the SPX can reach the noted support zone with an oversold Stochastic - as noted in my prior SPX post.
My new Volume Profile indicators are continuing to give valuable market insight. They are definitely worth their cost.
More information about these indicators will be coming soon in different publication.
Mark