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Saturday, June 24, 2017 5:09:52 PM
:) Weekend Stock Market Analysis
By Amateur Investors | June 24, 2017
Next Friday will be the end of the 2nd Quarter for the market. If the S&P 500 remains above the 2363 level, which looks pretty likely at this point, then this will be the 7th Quarter in a row with a positive gain. Furthermore this would make 16 out of the last 18 quarters with a positive return as well.
Meanwhile the next area of significant resistance, in the S&P 500, appears to be just above near the 2485 level. This level is the 200% Extension Level calculated from the 2007 high to the 2009 low.
As the market has continued higher volatility remains near all time lows. The VIX continues to exhibit a descending Triangle pattern. Typically this type of pattern is followed by a significant reversal to the upside. Thus one would expect a reversal at some point.
Naturally if the VIX were to reverse to the upside then a correction would follow in the S&P 500. Notice the upward trend line (purple line) and previous resistance area (black line) reside just above the 2100 level. Thus this would be a potential target area if a correction were to develop.
http://www.amateur-investors.com/AII_Weekend_AnalysisJune_24_17.htm
• DiscoverGold
Click on "In reply to", for Authors past commentaries
By Amateur Investors | June 24, 2017
Next Friday will be the end of the 2nd Quarter for the market. If the S&P 500 remains above the 2363 level, which looks pretty likely at this point, then this will be the 7th Quarter in a row with a positive gain. Furthermore this would make 16 out of the last 18 quarters with a positive return as well.
Meanwhile the next area of significant resistance, in the S&P 500, appears to be just above near the 2485 level. This level is the 200% Extension Level calculated from the 2007 high to the 2009 low.
As the market has continued higher volatility remains near all time lows. The VIX continues to exhibit a descending Triangle pattern. Typically this type of pattern is followed by a significant reversal to the upside. Thus one would expect a reversal at some point.
Naturally if the VIX were to reverse to the upside then a correction would follow in the S&P 500. Notice the upward trend line (purple line) and previous resistance area (black line) reside just above the 2100 level. Thus this would be a potential target area if a correction were to develop.
http://www.amateur-investors.com/AII_Weekend_AnalysisJune_24_17.htm
• DiscoverGold
Click on "In reply to", for Authors past commentaries
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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