Inverse H&S, triple bottom, whatever you want to call it. The Fed's footprint is all over this chart. It would be a stretch to see it go down a fourth time, not saying it cannot happen. Unlikely though. The bear case is getting old.
I think you are looking at the chart upside down. I see it the exact opposite. And that's what makes technical analysis so great.
If the mythical PPT (the big boys using free FED money) really wanted a rally this month, they would pull their support until we're below 1020, then go back to the usual game. That would satisfy the technical retest. Then they might trigger a real rally to 1200 into the year end with all the cash on the side. Archy
You can suggest for fundamental reasons you think the market might go down but to suggest that the charts say this is ridiculous. All this does is suggest you lack ability in reading charts. I remember when the S&P last hit around 1040 there was a very noticeable bounce on volume that looked like program trading. Anyone who participated has already made on average 6% while you deny the bounce.
It's your right to have your opinion. I suppose time will tell who is right. I firmly say 1000 before 1200 according to my technical analysis.
How can this be a breakout if we've got so much overhead resistance at 1120ish? RSI is also very stretched.
I voted 1000 first, but now I'm not so sure. This massive buying despite 18 weeks of equity outflows is making me think it's going up no matter what. Fundamentals no longer matter, technical no longer matter. All that matters is the power of the POMO.