SPX is hugging and reacting to the red line, which is sloping upward. The Dow is closer to a new ATH than SPX.
Saturday, September 14, 2019
Saturday, September 7, 2019
Sunday, September 1, 2019
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.
Saturday, August 24, 2019
Lines update - SPX was rejected by the 2018 high and the red line, probing the green line below and yet to confirm a meaningful break.
Sunday, August 18, 2019
Friday, August 9, 2019
Saturday, August 3, 2019
Overthrow Territory (7/26/19) highlighted the 5th point of a potential megaphone pattern. This past week's selloff confirms that resistance held so far (if this is indeed a megaphone). If so, the traditional measured target for the megaphone is 2150-2350 in SPX.