For the past few updates, I've talked about the black overhead resistance line in SPX as both resistance and as a potential pivot, and we're now officially "there," so this may help determine if the first black "bull: iv" completed the correction, or if it will become more complex:
In conclusion, the market has reached its next meaningful zone, so how it responds to this zone may help answer some near-term questions. Trade safe.
Your chart ending pattern coincides almost exactly with my symmetry pattern. In both time and steepness. Love when we can condense a time frame to determine a breakout or breakdown point. We are there now. Monday or at latest Tuesday will reveal which direction. ONLY a breakout in the dollar and 10 year yield will cause such an action. Most think it is going to breakdown due to Delta concerns. I do not. Mass psychology play where "all" analysts call for a weaker dollar and yields. Transitory inflation should be settled next week with Retail Sales data. I see an unexpected spike up in sales.
ReplyDeleteEating crow. The shocker consumer sentiment reading plunged most in decades. Suggesting Delta variant is affecting economy. Now both dollar and 10 year yields could drop hard. Stagflation prospects are market killers. Delayed reaction to news as stocks hold small gains. Still see a major drop next week.
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