[SPX] 3264 Peak Call Was Close... Hit Massive Resistance!
Updated
Price cracked my peak call by like 10-15 points and tried to break through my purple line (5 year trend) but just couldn't muster the strength to hold it.
Price even fell right back down to resistance and wedged itself even tighter between the 5 year trend and resistance.
Tomorrow we are more likely to fall below this resistance line than we were today.
On a side note I'd like to point out a big confirm for this model:
ccn.com/gop-wont-agree-further-stimulus-until-stock-market-crashes/
I was anticipating we'd most likely have to wait till after the August recess to get more stimulus.
I foresaw that politically speaking they couldn't risk another stimulus now and big crash Sep before voting.
Instead they need the market to let off some steam so they can pump it through election before this thing finally crashes back down to where it would be without Fed intervention.
You can always count on R politicians to only care about retaining power at all costs ;).
Like fckin clockwork B).
Price even fell right back down to resistance and wedged itself even tighter between the 5 year trend and resistance.
Tomorrow we are more likely to fall below this resistance line than we were today.
On a side note I'd like to point out a big confirm for this model:
ccn.com/gop-wont-agree-further-stimulus-until-stock-market-crashes/
I was anticipating we'd most likely have to wait till after the August recess to get more stimulus.
I foresaw that politically speaking they couldn't risk another stimulus now and big crash Sep before voting.
Instead they need the market to let off some steam so they can pump it through election before this thing finally crashes back down to where it would be without Fed intervention.
You can always count on R politicians to only care about retaining power at all costs ;).
Like fckin clockwork B).
Note
Damn, it averaged almost exactly on 3264 for 3 days now... interesting!
Data analyst with a passion for best fit lines B)
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