S&P 500 IndexShort
12M S&P 500 Suggests 2100 in 2019 Is Fine From Technical Level
The method / strategy I apply to charts is far from in-depth TA (such as Elliot Waves, Gann, Wyckoff, etc), yet its simplicity makes it quick and effective when in a position or looking to make a quick swing/scalp.
That said, there are progressions and trends I'm aware of that exist on every time frame. The same logic applied on this 12M chart is the same logic I apply on all charts, and find clear and consistent success with.
That said - KBC indicator (Kelt + Bollinger Combo) shows here that charts in clear uptrend typically range from a low at the upper kelt, and the high at the upper bollinger band, which shown here is in bullish expansion. Each candle lays like a brick above the other and only every once in a while do we see that green HA candle dip below that upper kelt (white line).
This in mind, the crucial part is understanding that the white line will be touched at some point and that white line happens to be 2100 level as of now.
It will be in the media as an insane crash, and quite honestly it will be a terrible thing to watch if that white line breaks and price closes below it (next up is midBB/Kelt @ 1500(ish)). To be clear I think its highly unlikely that would happen and do indeed consider 2100 to be the 'local bottom' that S&P finds in 2019
That said, there are progressions and trends I'm aware of that exist on every time frame. The same logic applied on this 12M chart is the same logic I apply on all charts, and find clear and consistent success with.
That said - KBC indicator (Kelt + Bollinger Combo) shows here that charts in clear uptrend typically range from a low at the upper kelt, and the high at the upper bollinger band, which shown here is in bullish expansion. Each candle lays like a brick above the other and only every once in a while do we see that green HA candle dip below that upper kelt (white line).
This in mind, the crucial part is understanding that the white line will be touched at some point and that white line happens to be 2100 level as of now.
It will be in the media as an insane crash, and quite honestly it will be a terrible thing to watch if that white line breaks and price closes below it (next up is midBB/Kelt @ 1500(ish)). To be clear I think its highly unlikely that would happen and do indeed consider 2100 to be the 'local bottom' that S&P finds in 2019
Eric Thies
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