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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

27 comments:

  1. SC: around 2850 S&p500 is good to buy in your opinion?

    many thanks!!
    PS : note a gap around 2831 - 2828...

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  2. 2850 is the white trendline. Looks good.

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  3. I think buying time 2850 what do you think?

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  4. SPX 2,830 target has been reached.

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  5. The market has spoken. That's what the market thinks of Kavanaugh hahaha!!!

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    1. lol has nothing to do with that you should of sold at top like i did looks like i went into it again 2 soon

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    2. Kavanaugh? Care to expand on your logic?

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    3. i dont wast my time talking about things i cant control

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    4. That's true.

      Let the autocrats and imperialists knock themselves out.

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  6. It might bounce soon but 2,750 SPX looks achievable.

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    1. Plan to fill my boots with cheap shares of UPRO and SVXY around 2,750. After the pullback, run to 3,000.

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    2. SC is your Target still 62 on you Pro or did that come down your thoughts

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    3. Yes, still the same. 3,000 SPX on the next run. Still a bull market, but it is only gaining about 50 points every 6 months. A year from now 3,050.

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  7. Replies
    1. Probably a little more downside but the upside is attractive with 250 points.

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  8. The deep pullback target 2,750 has been reached!

    The problem is that I figured it wouldn't hit the pink main support target until November. Today the pink line is at approximately 2,725. A little more downside yet...

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    1. so your talkin 250 points up from 2725 by next Year? or by december your thoughts

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    2. From 2,750 there is 250 points upside to 3,000. The market is following the normal pattern. It rises slowly. So I'd estimate 3,000 April 2019.

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  9. 2725 is below the weekly spx 50 day average

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    1. Normally on this chart a capitulation is likely. On a capitulation I think could see 2,680 SPX. That would be a two thirds retracement of the rally.

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  10. The low in February took a few months to form. This one will be much quicker. A few weeks.

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    Replies
    1. I bought spxl at 49 and change 45 and change and I'll buy it at 40 and change

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