I am going into May with a bearish outlook. I am treating the end of April as a pullback/sideways resting consolidation before the continuation of the move down. This is in my opinion, the halfway mark of the move down. We had the first leg and now the second leg is setting up. Leg two WILL take out all three lows from the prior up move.
True support is at the 2020 yearly open at 31,000. I am bearish all the way down until 31,000
The Purple lines is every FOMC released since September 2024. Because all 4 are being used as resistance and the creation of the peak formation high, they represent bearishness.
I use the FOMC releases as highly accurate support and resistances.
Isn't it a coincidence that before the dump, the market tapped September's FOMC release level by a hair, dumped off 6000 ticks, slamming into 2023's Yearly Open of 36,750 and stopped on a dime? Very Peculiar indeed.
Once the market breaks above 45,000, it WILL use these FOMC levels and the 2025 open as major support before the march to 61,000. In order for the market to continue on its LONG term up trend, it needs to create this short-term bearish order flow first. It just so happens; this short-term bearishness will take MONTHS to resolve itself. DO NOT get fooled by any bullishness in the meantime. It is all counter trend to the bearish move down. Once the bearish move down has exhausted itself, THEN the Bullish uptrend will continue.
An example on the 15-minute chart of what I am explaining. Look at this 15 minute chart and compare it to the Monthly chart
True support is at the 2020 yearly open at 31,000. I am bearish all the way down until 31,000
The Purple lines is every FOMC released since September 2024. Because all 4 are being used as resistance and the creation of the peak formation high, they represent bearishness.
I use the FOMC releases as highly accurate support and resistances.
Isn't it a coincidence that before the dump, the market tapped September's FOMC release level by a hair, dumped off 6000 ticks, slamming into 2023's Yearly Open of 36,750 and stopped on a dime? Very Peculiar indeed.
Once the market breaks above 45,000, it WILL use these FOMC levels and the 2025 open as major support before the march to 61,000. In order for the market to continue on its LONG term up trend, it needs to create this short-term bearish order flow first. It just so happens; this short-term bearishness will take MONTHS to resolve itself. DO NOT get fooled by any bullishness in the meantime. It is all counter trend to the bearish move down. Once the bearish move down has exhausted itself, THEN the Bullish uptrend will continue.
An example on the 15-minute chart of what I am explaining. Look at this 15 minute chart and compare it to the Monthly chart
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Related publications
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.