Ascending Triangle Continuation Pattern. The height of the triangle is 568 which is a measuring tool for the upside target of the new up-trend. That puts the price target at 6,232 which is a 10% gain from 5,667. I round this to 6,000 since this round number is more impactful for people's trading decisions. For discussion purposes only.
For consideration: Hold if currently owned. If not, buy at $2,550, a 2.9% decline from the current price. This price touches the current up trend line. Put a stop loss at $2,500. Ride the up trend and sell with a material penetration. The trend is a series of three accelerating up trends so the steepness indicates it may not be sustainable. Plus, RSI has...
I expect the S&P 500 to decline in price based on the technical indicators and explanations in this chart. I welcome any comments and feedback.
A new down trend is expected based on the v-reversal pattern. There is support at 409 which is a 28% drop from the current price. That, coupled with light volume, indicate price for the SPY should decline. Also, if...
