S&P 500 trend lines, trading channels, wedges, and some guesses

2020년 10월 6일

A lot of TA in this chart, so bear with me. S&P clearly in a rising wedge. Latest rally came up short of resistance line (red box), which is a sign of weakness. RSI touching overbought in 2H. In the MACD it looks like the last rally was above the trend lines (maybe a bit of retail FOMO). There are several options for the S&P over the next week or so. IMO, seems too early to start Wave C of the correction. This bull market has been hard to stop. I have a feeling we will have a moderate pullback and then one more try to touch the orange trend line. The thickness of the arrows is my estimate of the likelihood that the trend occurs.

2020년 10월 6일

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End of day update.

2020년 10월 7일

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Morning update. Lets see what happens when it gets back to that S/R line and if it will break down or break through.

2020년 10월 7일

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