SPX still have some room to move up!

2019년 5월 20일

For my long term view, SPX has been forming a similar pattern to on the weekly chart as 12 instances in the past 200 years.
On the Weekly chart, there are 12 instances of weekly MACD closing above the zero lines 12 weeks in a role.
In those 12 instances, 88% gained an average of 8% in 6 months.

Now with the trade war, nothing can be certain so you must keep risks tight.

Me personally I expect a consolidation between 2862 and 2800 for a couple of weeks and then for SPX to put in a lower high.
Following that I am expecting it to come down to around 23% - 38.2% fib retracements which coincide with the 200 SMA.
Following this, I will go long with stops under the 200 sma or 38.2% fib with a target of making a new ATH.

IF it does not find support the idea is invalid.