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Sunday, April 09, 2017 8:55:44 AM
Amateur Investors: Weekend Analysis
* April 8, 2017
The S&P 500 stalled out near the 2375 level this week which was along a newly developed downward trend line. As I mentioned in the mid week update we could be seeing a complex corrective pattern evolving such as a "WXY" Double Zig Zag. If that's the case then we are missing "Y" to complete the pattern with a final target price near 2300.
Meanwhile notice there is an upward trend line (purple), from the low in early 2016, which is approaching the 2300 level so that does appear to be a key support zone. In addition a drop back to the 2300 area may allow for a spike upward in the VIX which has been encountering resistance the past 15 months along its downward trend line (black). Currently this trend line is in the upper teens.
Finally, as we have see the past year, each time the VIX has rallied back to its downward trend line a reversal has occurred (points A to B) which has allowed the S&P 500 to move higher (points C to D).
http://www.amateur-investors.com/AII_Weekend_AnalysisApril_8_17.htm
• DiscoverGold
Click on "In reply to", for Authors past commentaries
* April 8, 2017
The S&P 500 stalled out near the 2375 level this week which was along a newly developed downward trend line. As I mentioned in the mid week update we could be seeing a complex corrective pattern evolving such as a "WXY" Double Zig Zag. If that's the case then we are missing "Y" to complete the pattern with a final target price near 2300.
Meanwhile notice there is an upward trend line (purple), from the low in early 2016, which is approaching the 2300 level so that does appear to be a key support zone. In addition a drop back to the 2300 area may allow for a spike upward in the VIX which has been encountering resistance the past 15 months along its downward trend line (black). Currently this trend line is in the upper teens.
Finally, as we have see the past year, each time the VIX has rallied back to its downward trend line a reversal has occurred (points A to B) which has allowed the S&P 500 to move higher (points C to D).
http://www.amateur-investors.com/AII_Weekend_AnalysisApril_8_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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