SPX S&P 500 Daily Chart; There Is No Such Thing As A Triple-Top (50/50)

Remember a couple months ago, Keystone commented on the triple-top pattern (blue upside-down V's) on the SPX daily chart? "There's no such thing as a triple-top" is an ole Wall Street adage. As mentioned previously, after studying 10's of thousands of charts over the years, triple-tops are at best a 50/50 proposition. Keystone can show you as many failed triple-tops as compared to triple-tops that held and smacked price lower.

The mystery was what would happen in November. The turkey was in the oven, the shaky puddin' appears delicious, and traders and investors await the S&P 500's decision. It looked like the triple-top pattern would hold as the Thanksgiving Day china was placed on the table, hiding last year's gravy stains on the tablecloth, prices were falling, but alas, the bears were smacked in the face with a hot spatula. The bulls jump on the backs of Fed Chairman Powell, President-elect Biden and Treasury Secretary nominee Yellen that then carried everyone to the all-time record highs they called the Promised Land.

Thus, in this example, triple-tops do not exist. However, as stated, do not use a triple-top to trade on since the pattern is only a coin-flip. Realize that this is historic stock market price action occurring these days, stuff that only comes around once every few decades, the culmination of 12 years of obscene Keynesian central banker intervention. Let the festivities begin. 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.