• 288 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 290 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 690 days Could Crypto Overtake Traditional Investment?
  • 694 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 699 days Is The Dollar Too Strong?
  • 700 days Big Tech Disappoints Investors on Earnings Calls
  • 701 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 702 days China Is Quietly Trying To Distance Itself From Russia
  • 703 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 707 days Crypto Investors Won Big In 2021
  • 707 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 708 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 710 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 710 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 714 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 714 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 714 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 717 days Are NFTs About To Take Over Gaming?
Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  1. Home
  2. Markets
  3. Other

The State of the Trend

After correctly identifying two months in advance the downside targets for the April-June decline to within a point, OddsTrader did it again, and in the last two weekly posts nailed the target high for the subsequent 80 SPX point rally. Which brings us to our current state of the trend, which is mixed.

On the one hand, the SPX has been making higher highs and higher lows since June, but at the same time, there is a megaphone pattern in the making, and a bear flag is developing in both the daily:

Daily SPX

and weekly SPX:

Weekly SPX

Depending on the time frame, the SPX is either bumping up against the 50% Fibonacci retracement (6m) or trading above support of the 23.6% retracement level (120 w):

GSPC
Source: OT Fibonacci

In a similar vein, the index is trading above the OddsTrader pivot line on the weekly chart, but closed below it on the daily. Market internals show marginal deterioration from last week, and continue giving equal weight to a move in either direction. In the presence of such mixed conditions we will get our cues from the first chart above and will let the SPX tip its hand by breaking above 1340 or below 1320.

 

Back to homepage

Leave a comment

Leave a comment