Stock chart patterns and technical analysis (TA) explained simply. Disclaimer: This blog and all its contents are for educational and entertainment purposes only. Do not trade or invest based on any information seen on this blog. Please read Terms of Service. The K E Stone blog sites (Keybot the Quant) are blacklisted by Google, so enjoy the ad-free experience, and only use the Donate button when supporting the sites.
The SPX daily chart shows a drop in volume day after day as each day a new high is printed. The last day of healthy volume was the sell day ten days ago so that would be a very good level, 1518-1528, for price to recheck, so a volume comparison can be made. The overbot stochastics, rising wedge and negative divergence says lower prices are on the way. The futures are up one-half hour before the opening bell pointing to a print in the apex of the wedge. The MACD line and money flow continue to show some upside momo (short green lines) so a day or three more of topping prints may occur before the projected roll over occurs. Projection is for the downside to begin at anytime with an initial target of 1525. 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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