:: actio-et-reactio ::
amg's market charts and blather
864.8 is the 61.8 fib off the higher lo on 31 Mar and a 61.8 fib off same. Today's low was 864.25
This market is always in too much of a hurry... Already hit 904.89 (just a tad off that 906), so a pullback is likely, intraday. The Gut is saying a topping consoliation is in work, partic. as the moves appear to be the "war trade" type, ie, news based rally.
The chart below will serve as the roadmap. I'll auto update periodically.
The daily forks are projecting resistance at SPX 894, which if broken targets 906, or if price goes wildly bullish, 942. This is supported by standard indicators like MACD, which is in positive territory, and RSI which has managed to stay above its "range channel" (the orange horizontal lines).
On the less bullish side, RSI is also indicating an ascending triangle, which may resolve bearishly. That could happen when price hits 906 resistance, which case 895 will initially act as support. In that case, lower fork parallels target possible supports at 862 and 846. 
|
moon phases |
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
blather: nonsensical talk.
At times my analysis log, at times sharing what I've learned. Always my own work and views.
Content: amg
Basis: glish & bluerobot
Powered by blogger
Web Host: lunarpages
