I know it's early in the day and so this weekly chart could look much different at day's end. Interesting though--- Staying short for now.
those 80`s were gold in that confluence zone & were keepers.....as this is exactly what i was looking at & why i expected more downside. Volente.....i don`t see anything regarding an IHS on any time frame...all sessions or otherwise???......i do see a 2B @58 though.
Indeed it does. Bearish divergence of the sort we have not seen since 1999. I believe that this may indicate that we have already begun the multi-year secular bear market that I've commented upon previously. That does not mean that we won't have a massive end-of-year rally that retests the all-time highs. That may well happen. What it does mean (if my analysis is correct) is that any such retest will most likely fail. The last secular bear market lasted two years and took SPX from 1550 to 770, a loss of about 50%. We could well be looking at a scenario like that just starting to unfold. We now resume our regular (short-term) programming.
Is there an issue if a trendline doesn't fit on a log scale? I always use linear charts. I think its safe to say that it (and any huge market move) was a combination of all of these things. Early buyers of March support + -10% + TL = massive V-bottom.