Friday, March 17, 2017

SPX S&P 500 60-Minute Chart; 200 EMA Cross; Sideways Symmetrical Triangle

The SPX 2-hour chart morphs into another sideways triangle after the Yellen Rally breakout on Wednesday. The tight bands in the previous chart squeezed out a 30-point move from bottom to top for the SPX. The SPX remains above the 200 EMA on the 60-minute chart at 2351 which forecasts a bullish stock market for the hours and days ahead. Market bears need SPX under 2351 to create strong selling pressure. Since 2351 is also strong price support, if it fails, there will be market carnage. If the SPX remains above 2351, the bulls will keep smoking expensive Cuban cigars flicking the ashes in the bear's faces.

The vertical side of that sideways symmetrical  triangle is 50 points. Thus, a breakout above 2381 will target 2431 and a breakdown from 2368 will target 2318. So if the bottom trend line of the triangle fails, watch 2351 and if that fails, 2318 is the likely destination. 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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