Devastating virus, rioting, and ominous headlines. Fear not.
Tough year socially for us, no doubt. Economic anxiety, stay-home consequences, and unknowns remain. Fear not, as they will all pass. Meanwhile be smart and safe.
This month's chart is simple. The new, emerging, wave upward is in full force. I expect it to continue, but of course not in a straight line. Using simple parameters of Fibonacci levels, trendlines and indicators helps diminish part of the anxiety about markets.
Fibonacci levels point to SPX above 4000 in due time, trendlines show ample room to their upper levels, and RSI14 readings show room for further advance until a pause happens.
The week ended 5/22/20 delivered a bullish MACD cross using WEEKLY prices. That event has produced favorable outcomes for the next 6 months after all 14 major declines in the last 100 years. The weekly MACD trend should continue to levels crossing above that indicators midline for both MACD and Signal values. Markets will likely accelerate higher when that event occurs. As such, the longer term trend remains favorable.
Last month's chart had reactions from a few doubters of this advance. I'm looking forward to bearish capitulation and skittish money sustaining higher prices in the days/weeks ahead.
Tough year socially for us, no doubt. Economic anxiety, stay-home consequences, and unknowns remain. Fear not, as they will all pass. Meanwhile be smart and safe.
This month's chart is simple. The new, emerging, wave upward is in full force. I expect it to continue, but of course not in a straight line. Using simple parameters of Fibonacci levels, trendlines and indicators helps diminish part of the anxiety about markets.
Fibonacci levels point to SPX above 4000 in due time, trendlines show ample room to their upper levels, and RSI14 readings show room for further advance until a pause happens.
The week ended 5/22/20 delivered a bullish MACD cross using WEEKLY prices. That event has produced favorable outcomes for the next 6 months after all 14 major declines in the last 100 years. The weekly MACD trend should continue to levels crossing above that indicators midline for both MACD and Signal values. Markets will likely accelerate higher when that event occurs. As such, the longer term trend remains favorable.
Last month's chart had reactions from a few doubters of this advance. I'm looking forward to bearish capitulation and skittish money sustaining higher prices in the days/weeks ahead.