The broader market (SPY) is currently between the January 2018 high and October 2018 high. Price is likely to get rejected between now and the current highest resistance level which is the ascending yellow line (see attached daily chart of SPY). Just be aware that the air is getting thin at current levels.
I still expect a dip then a continuation of the rip so trying to time any short term collapse is probably reserved for the very nimble and quick.
S&P500 Index ETF (SPY) daily
S&P500 Index ETF (SPY) daily
I have attached two daily SPY charts for you. See annotations on charts.
Also attached are four weekly charts that are mostly self explanatory. If you have any questions please don’t hesitate to ask. I would he happy to respond.
All of these charts have repeating price action of expansion (propulsion spikes) and reversion (collapse shoots) with normal repeating counter pulses. They all appear to be at the beginning of repeating cycles where price begins to expand.
If price begins to break below lower support levels and becomes out of sync with the repeating cycles then that is a warning to act accordingly and insert risk management.
This week I highlight the following stock charts:
Ak Steel Holding Corp (AKS) weekly
…Basic Materials-Steel and Iron
Microstrategy Inc (MSTR) weekly
…Technology/ Application Software
Evolent Health Inc (EVH) weekly
…Technology/Healthcare Information Services
Piper Jaffray Companies (PJC) weekly
…Financial/Investment Brokerage-Regional
Please maximize these charts and you will see the repeating cycles. Successful stock market trading/investing is like the board game Shoots and Ladders. Avoid the shoots. Climb the ladders. Want to play? Click on the charts and I will show you how.
I’ve been whispering all weekend because it’s The Masters.
Wow!
Don
PS. Would you consider sailing around Polynesia without a nautical chart? I don’t think so. Don’t trade/invest without a chart.
btw, bitcoin is still ripping