Monday, December 28, 2015

SPX S&P 500 Daily Chart Sideways Channel

The SPX daily chart shows the W pattern bottom, a very powerful pattern especially when it forms under both the 50 and 200-day MA's, sending price to 2100 perfect symmetry from the 1880 bottom and 1990 breakout. Price is staggering through the brown sideways channel at 2020-2103. The indicators are mixed and not tipping their hand concerning the path ahead. The price action has a sideways feel. The CPCE put/call is uber low which says a near-term top is at hand so the bears have to be given a slight edge. S&P futures are -10 minutes before the opening bell.

Price violated the lower standard deviation band (pnk) so that targets the middle band; which has occurred. If price moves higher, say above 2080-2084, then 2100+ is likely coming so price will target the top standard deviation band. The bears must hold the line at the 200-day MA resistance at 2061. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

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