SP500 weekly chart shows megaphone wedge ~ looks bullish. Market consensus became clearer on Friday so back to the original bullish analysis and SP500 weekly chart reverts to bullish/neutral. So equity sell off been delayed once again and additonal upside ahead. The larger megaphone enclosed by green lines reveals an unstable market and is bearish. It may result in a giant head and shoulders forming once possible right hand shoulder is completed. Long term monthly chart remains bearish. stockmarket618.wordpress.com
So now that the SPX has broken out of the 1230 range can we expect a continuous rally to the 1250-1270 range this week, I am sure it will happen, it has to happen with BUBBLE ben bernanke printing money for the entire global world economy.....
REMINDER THAT US DOLLAR WEEKLY CHART CONTINUES TO GIVE BULLISH WARNING WHICH WILL BE BEARISH FOR STOCKS AND COMMODITIES WHEN USD UPTREND RESUMES.
Stock signals are bullish. Currency signals are bearish for stocks. Good well thought out analysis. Very useful.
As mentioned earlier: SP500 weekly chart shows megaphone wedge ~ looks bullish. Market consensus became clearer on Friday so back to the original bullish analysis and SP500 weekly chart reverts to bullish/neutral. So equity sell off been delayed once again and additonal upside ahead. Bullish daily charts strengthen â EURUSD GBPUSD AUDUSD
More equity rally is probable as USDX selling pressure is now substantial. This will support stocks and cause more equity short covering which may result in another melt up.