Upward Channel to form through the holidays?
Now that we have broken a 2200 on the SP500, and what turns out to be the 50% resistance line on my 200 day Fibonacci Bollinger Bands, it is my belief that we will enter a upward channel through the holiday season with the price staying between the 50% line and the 61.8% line. Considering that we are heading into this holiday season with strong economic indicators, good employment, and high consumer confidence I believe these fundamental factors will help to keep equity valuations lofty this season.
The indicator pictured in the chart is my Fibonacci Bollinger bands. They are calculated by adding and subtracting x% of 3 standard deviations around a given moving average. In this chart I am using a 200 day volume weighted moving average. I have highlighted yellow the 50% line and the 61.8% line.
The indicator pictured in the chart is my Fibonacci Bollinger bands. They are calculated by adding and subtracting x% of 3 standard deviations around a given moving average. In this chart I am using a 200 day volume weighted moving average. I have highlighted yellow the 50% line and the 61.8% line.
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