For the moment, 6000 on the ES is the line in the sand for me. We shall see if she crosses the Rubicon.
Up it goes until the chart says otherwise or President Trump sends a very powerful twitt that shakes the Planet Earth.
The average intra-year drawdown for the S&P 500 is around 15%. "If Santa should fail to call, bears will come to broad and wall" Let see if the Santa Claus rally finally turns up this week. We have until Friday, for the S&P to rally 130 pts to ATH, its not looking very hopeful at the moment. Although technically if the market closes above 5974 on Friday, the 7 trading day Santa Claus rally period was net positive.
But with your astute observation, you would have also known that the lower channel line in your chart should closely coincide with the target price of 5300 in my chart.
This time of year always brings lots of predictions for the next 12 months from people you don't hear much from for the rest of the year. I predicted this last year of course....
Trump, Fed orientation, Gen AI "industrial revolution", history of big returns on SPX one year did not lead often to bear the year after, and first year of election does not lead anymore to bears as in the past(nor i see fundamentals in this specific case) Said that which specific historic topping signals you see in SPX? Is the bull really extended? Ladies and Gentleman we are on the verge of an epic macro economical change where a lot of jobs will disappear(Tech), and wars(Oil and Defense) are more common than ever. We should think about the exceptionalism of this market and be ready to listen king price As probably few of us got a nifty plus 200% return this year, the recipe is to remain more prudent now and listen to the market I guess, after all you are all people that short with margin accounts, that do futures and options, i do not see any Lynch here.
This is what a Fibonacci lover would think. We are heading for a retracement! Circles align perfectly with those levels! Do I sound like I am full of shit? Of course, like every single wanker that uses this shit.