Thursday, October 11, 2018

$SPX - Deep Pullback Confirmed

The deep pullback scenario played out and price is approaching the main support.  The 2,750 deep pullback target was reached today.  An underthrow is possible though.

Upside is becoming quite attractive to the magical 3,000 SPX target, and we would expect that in approximately 6 months. 

The weak bull market continues with the main channel intact.

Daily Chart

Tuesday, October 9, 2018

$SPX - Head and Shoulders

SPX appears to be forming a nice example of a head and shoulders pattern.  The Left shoulder and Head are complete with the Right shoulder next. 

Price held the neckline firmly today.

60min Chart

Monday, October 1, 2018

$SPX - Pullback Next

SPX has rallied on trade deal news.  Prices may be overextended short term though, and a possible pullback to test white trendline support may be coming next.

The pullback may be similar in size to the June decline.