$SPX Seven Rejections on Downtrend Line!
Updated
So far on the weekly chart, it is safe to say we are still in a downtrend. Many are saying the bottom is in. I hope so, but I am keeping an open mind about any scenario.
I am looking forward to next week. If we can; 1. Break thru the downtrend line and then 2. Break above and hold above the H&S Neckline, we may well have seen the bottom. All is yet TBD.
This is not meant to be a trade, at least not in itself. I am simply pointing out that we are in a position that the market has presented 7 times so be aware.
I posted a similar idea on the
SPY a short while ago. Link below.
I am looking forward to next week. If we can; 1. Break thru the downtrend line and then 2. Break above and hold above the H&S Neckline, we may well have seen the bottom. All is yet TBD.
This is not meant to be a trade, at least not in itself. I am simply pointing out that we are in a position that the market has presented 7 times so be aware.
I posted a similar idea on the
SPY a short while ago. Link below.Note
On Feb 1, the 
SPX closed at 4119.21. If, we can hold these levels and not have a meaningful test below 4000, the probability of the bottom being in increases with the length of time it can hold above 4100. IMO.
Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
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