Originally Posted by
Hoop
S&P500 has a descending broadening pattern in play, a useless pattern as it can break up or down with 50/50 probability..however the last correction attempt (another cry wolf) which should've reached 2020 got arrested at and respected the MA200 line (resistance) so now its heading back up to its record top again...Arrested falls can be bullish as they sometimes signal a near future pattern breakout...so chances are, in the short term it wouldn't surprise me to see it reach at least 2130 again which is the top boundary of the broadening pattern.
Going nowhere behaviour without a trading pattern (rectangle) and crying wolf can be a bitch for everyone, the long and the short investors and for chartists..if the S&P500 chart doesn't know where it going, neither will the Chartist....
Noodles, you have been been in the share market game for a while now and not being confident demonstrates that you are trying very hard to find a bearish reason yet your inner self knows that now is not the time...so listen to you instincts.....the charts will tell you when a downtrend becomes established (lower high, lower low) and by then your instincts will confirm...................don't let cognitive dissonance rule as this behaviour is the enemy..