• 657 days Will The ECB Continue To Hike Rates?
  • 657 days Forbes: Aramco Remains Largest Company In The Middle East
  • 659 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,059 days Could Crypto Overtake Traditional Investment?
  • 1,063 days Americans Still Quitting Jobs At Record Pace
  • 1,065 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,068 days Is The Dollar Too Strong?
  • 1,069 days Big Tech Disappoints Investors on Earnings Calls
  • 1,070 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,071 days China Is Quietly Trying To Distance Itself From Russia
  • 1,072 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,076 days Crypto Investors Won Big In 2021
  • 1,076 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,077 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,079 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,079 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,083 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,083 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,083 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,086 days Are NFTs About To Take Over Gaming?
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

  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