The SP500 just saw a golden cross of its 50/200 day MA, and it is presently re-testing the top of its 200 day EMA. The 50/200 EMA has not yet crossed. Pattern on the chart is a falling wedge that has recently broken out.
Targets point to a double top with either a slightly lower high if we reach TP 1, or a slightly higher high if we reach TP 2.
Much of the stock and crypto markets are indicating potential for double tops with slightly higher or lower highs.
Caveats:
- If DXY turns up strong from where it is now, I'm expecting the slightly lower high.
- Should DXY hang out in the area it's in now and then move up - slightly higher high.
- However, if DXY moves down well below 99, we could see an extended period of gains instead.
Targets point to a double top with either a slightly lower high if we reach TP 1, or a slightly higher high if we reach TP 2.
Much of the stock and crypto markets are indicating potential for double tops with slightly higher or lower highs.
Caveats:
- If DXY turns up strong from where it is now, I'm expecting the slightly lower high.
- Should DXY hang out in the area it's in now and then move up - slightly higher high.
- However, if DXY moves down well below 99, we could see an extended period of gains instead.
Note
Update - SPX saw golden crosses on its 50/200 day MA (dotted) and EMA (solid). It is presently re-testing the area around those crosses, as often occurs after a crossing. Hold above them and it should start moving back towards targets:Note
Update - bounced off the top of the wedge:Note
Update - 3day log chart view, added log targets which are slightly higher than non-log measurements (still nearly identical):
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.