MTU Month End Ed - Red Line (9/27/19 close)

The red line has so far served as viable resistance against the upswing from the August low in SPX.  Note that the red line is upward sloping, the extent of advance over the past two months raises the question whether the potential megaphone is complete.   With this past week's drop, SPX is currently sitting on its SMA50 and also tests its late 2018 high and May 2019 high.

Completion count

Big picture tracking

MTU Weekend Ed. - Red Line (III) (9/20/19 close)

It's the red line till it's not.  SPX reacted to the red line this past week once more and closed below it.  However, the red line is sloping upward. 

MTU Weekend Ed. - Red Line (II) (9/13/19 close)

SPX is hugging and reacting to the red line, which is sloping upward.  The Dow is closer to a new ATH than SPX.

MTU Weekend Ed - Red Line (9/619 close)

SPX has reached the red line, which is sloping upward.

MTU Month End Ed - Megaphone Update (8/30/19 close)

If the megaphone is in place, SPX is likely making a w-x-y upward retrace to test the red line. Otherwise, a larger DT to test upper green line is an option.

Megaphone update