Hey lowtrade, good to you're still up and at it. Agree with you on the S&P. Right now could be a bounce play opportunity. But the recent breakdown was from a descending triangle so I'm looking for a retest of the breakdown area before it goes lower again, after forming another descending triangle. Imo, this is all the culmination of a 12 month rounded top that all the indexes are forming.
Something of interest I noticed earlier today when watching the Keiser Report was that they brought up a chart of increasing leverage by China since 2009. It matches perfectly the chart of the S&P. So did it push the S&P higher? Good question. But it's no secret that China has been driving the world's economy in recent years, so what the PBOC does is worth watching. I'm guessing they're leveraged just about to the limit, just as all the other central banks are, and there's nothing left that will work. It'll be fun watching to see how this all transpires with this amazing concoction of bubbles they've managed to create
Trading/investing without chart analysis is like bringing a knife to a gunfight.
