Tuesday, March 22, 2016 1:42:51 AM
SPX Breakout Target Captured
http://www.pretzelcharts.com/
"On Friday, SPX captured its next breakout target zone (2050-60), and perfectly tagged a resistance line. The blue line becomes first meaningful support:"
"NYA is still above its breakout zone. If it back-tests the down-trend line, what happens there (if it acts as support or not) will be informative:"
"Next is simply an interesting chart of COMPQ -- interesting because I drew the blue trend channel almost a year and a half ago, and the market reacted to it strongly:
(Note: Typo -- blue line tagged in February, not January.)"
"Next is a market I haven't published in a long time: The Wilshire 5000. This chart examines the bull count in detail, and contains a few random thoughts:"
"In conclusion, despite the neck-breaking pace of the current rally, I'm still modestly inclined to favor the bear case, but we have yet to see a larger impulsive decline -- and that's a prerequisite that we need to see before we even attempt to consider the possibility of a top. All that could, of course, change at any time -- but the beauty of waiting for an impulsive decline is that it's hardly "without warning." Trade safe."
http://www.pretzelcharts.com/
"On Friday, SPX captured its next breakout target zone (2050-60), and perfectly tagged a resistance line. The blue line becomes first meaningful support:"
"NYA is still above its breakout zone. If it back-tests the down-trend line, what happens there (if it acts as support or not) will be informative:"
"Next is simply an interesting chart of COMPQ -- interesting because I drew the blue trend channel almost a year and a half ago, and the market reacted to it strongly:
(Note: Typo -- blue line tagged in February, not January.)"
"Next is a market I haven't published in a long time: The Wilshire 5000. This chart examines the bull count in detail, and contains a few random thoughts:"
"In conclusion, despite the neck-breaking pace of the current rally, I'm still modestly inclined to favor the bear case, but we have yet to see a larger impulsive decline -- and that's a prerequisite that we need to see before we even attempt to consider the possibility of a top. All that could, of course, change at any time -- but the beauty of waiting for an impulsive decline is that it's hardly "without warning." Trade safe."
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