Updated chart of the S & P 500
The S & P 500 has rebounded Monday on the area directly supporting the rising wedge, the index had not yet said its last word ... and was not even close to a contraction / consolidation, but in reality it was only to rebound to achieve the target of 1.309 points, but no I'm kidding. "Humor is a STOP Protection that allows us to survive through the market cycles." .
still observe carefully the green diagonal line represents a very important support zone.
January 30: On September 26th I wrote, " S & P 500 - new record coming "I mentioned that the next target prospective S & P 500 was fixed in full extension at 1.309 points.
Last Friday, the S & P 500 to hit the highest of the day the 1.302 points, a differential of only 7 points separated the prospective target set in September of short-term top Friday, January 28. The creation of a new high for the broader index S & P 500 for the target area is 1.309 points materialized as expected. The Chartist
structure which is currently in place on the S & P 500 is a rising wedge ( Rising Wedge ) , a figure with 82% output downward , the index is now directly on the support base of the bevel, then a validation of the fracture of this structure will negatively amplified the likely short-term bearish momentum of the index.
For the first time since 1 December, the 13-day moving average that supported the upward leg of the current index was smashed, which is potentially represented the beginning of a contraction / consolidation S & P 500. Upon validation of this day drop, the index is moving to go test the moving average of 45 days is the support area of the Month last November, on break of this support area management the Fibonacci retracement of 23.6% or slightly lower. the previous record of 1.227 points.
For the above analysis on the S & P 500, click here
Claude Bordeleau
The observer technical analysis of stock markets
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structure which is currently in place on the S & P 500 is a rising wedge ( Rising Wedge ) , a figure with 82% output downward , the index is now directly on the support base of the bevel, then a validation of the fracture of this structure will negatively amplified the likely short-term bearish momentum of the index.
For the first time since 1 December, the 13-day moving average that supported the upward leg of the current index was smashed, which is potentially represented the beginning of a contraction / consolidation S & P 500. Upon validation of this day drop, the index is moving to go test the moving average of 45 days is the support area of the Month last November, on break of this support area management the Fibonacci retracement of 23.6% or slightly lower. the previous record of 1.227 points.
For the above analysis on the S & P 500, click here
Claude Bordeleau
The observer technical analysis of stock markets
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