Stock Market Technical Analysis Blog
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In the market today we had a flat closing as the S&P turns sideways at its upper channel line.
- Chart 1: I closed the SMV model portfolio trade today for a 4 percent gain from the line cross entry.
- Chart 2: 60 min bar chart of the SPY showing the short term ascension channel
- Chart 3: Weekly candles - has an indecision candle
- Chart 4: Daily candles - also has an indecision candle
- Chart 5: 60 min bar chart of the VIX showing its short term descending channel
- Chart 6: shows the SPY reached its upper channel line last Friday
- Chart 7: shows the VIX dropped to its lower channel line last Friday
- Chart 8: shows the SPY is extended away from its 100 day EMA line, about as far as it ever gets away from it and also shows the steadily decreasing volume as the rally went higher
- Chart 9: the two year chart of the S&P showing how it has bubbled out of its primary black line channel
- Chart 10: the 25 year chart of the S&P showing we still have another 2-4 months in the current 5 year supercycle
With the S&P now at the upper channel line, I feel there is a pretty good chance they will keep it sideways and choppy at that line for a few days to put a little more lipstick on the debt extension.
Trade well my friends
Alan
