Markets: $SPX, $COMPQ, $DJIA

$SPX: After the $SPX remained in the rectangular compression pattern for 8 days, the umph to move up seems to be somewhat stifled. We are at the all time high ever for the $SPX, so this is a significant area.

What will it do? I have no clue. I did extend the trend lines from the major trend it's been in, so you can see what the upside targets are.

The the candlestick pattern is a Rising 3 Method, which in the 14 others stocks I've looked at, quite a few also had a similar pattern. Seeing where the market it, and perhaps maybe another possible decrease in the interest rates, this might spark a more bullish sentiment to allow it to push up.

However, perhaps just any bad news might be justification to either pullback or reverse and that would make sense very much. We'll see. It seems often the news will find whatever it is to justify whatever is happening in the market. As a chartist, it really would make sense to not go further bullish.



$COMPQ: Just wanted to look at the Nasdaq on a longer term basis. This chart's timeframe is WEEKLY and you can see if it continues up where it will go and if it reverses here, it would also make sense.




$DJIA: What I wrote for the Nasdaq applies here, too. The chart is a little different, but the thought process is the same.
Labels: , , edit post
0 Responses

Amazon Store