Overall predicted trend for the S&P 500 VOO INDEX FUNDWith the overall bullrun over the past couple months or so the market had to fall at some point to correct itself.
I believe if it rebounds back up to it's support and continues it's steady rise again we might be back on track and set for a good recovery.
You can see clearly that the VOO has been staying directly in this upward channel.
Would love to hear your thoughts.
VOO
S&P500 daily- Rising Wedge with near certain breakout.
60% of Rising Wedges end with a downward breakout. However, downward breakouts are some of the worst performing chart patterns, with an unacceptably high failure rate, small post breakout declines, and pullbacks occurring 72% of the times.
Thomas Bulkowski- Encyclopaedia of Chart patterns.
thepatternsite.com
S&P500 daily- Caught up in a Rising Wedge with a overbought RSI60% of Rising Wedges end with a downward breakout. However, downward breakouts are some of the worst performing chart patterns, with an unacceptably high failure rate, small post breakout declines, and pullbacks occurring 72% of the times.
Thomas Bulkowski
thepatternsite.com
$VOO Demand at 233$VOO has seem some great gains in the last couple of months. I've identified some demand at 233. Price has yet to return to this level since rallied from it. Could be a good buy at this price.
S&P500 daily- Ascending Broadening Wedge. S&P500 daily- Ascending Broadening Wedge- ABW (with three contact points on either side of the ABW).
ABW tend to not appear during bear markets, most often seen in bull markets with downward breakouts. Breakout is 52% of the times downwards.
Also, two other critcal points-
1) The Fib retracement 61.8% seems to soon be either support of resistance.
2) 3000 on the SP500 is the 200-day moving average. 'A flat 200-day Moving average is King' Oliver Velez. The 200-day SMA is now flat. Being above consistently is bullish.
Soon, we will all know, whether this a durable bull breakout or a flop.
S&P500 daily chart- Interesting times.SP500 daily chart- Inside the eclipse, price is range bounding inside a broadening wedge, testing the 61.8% Fib Retracement level, and just under the all important flat 200-day Moving Average.
SP500 must over come all these obstacles to demonstrate a clear path to recovery.
SP500 daily- Rising wedge pattern/50% Fib Retrace/Bollinger midlSP500 daily- Rising wedge pattern/50% Fib Retrace/Bollinger midline support.
Rising Wedges has one of the worst post breakout performance and high failures (especially for downward breakouts)- Thomas Bullkowski.
Bitcoin Vs S&P500 Vs GoldSince market peak on Feb 14th, SP500 is down 26%, Bitcoin down 35%, and Gold up 3.6%
Interesting how everyone use to compare Bitcoin with Gold saying it was 'Safe haven'- clearly not!
S&P500 daily- reflecting south from 20-day MA and 38.2% Fib retrS&P500 daily- reflecting south from 20-day MA and 38.2% Fib retracement level.
SPY has 3 support levels to watch...The December 2018 lows were a test of the bull market. Those will likely break, because we are no longer in a bull market. We are in a bear market.
The 2015-16 consolidation is a likely point for the stock market to regain some stability or if panic occurs, then a lower level will come quickly.
The double tops of 2000 and 2007 are becoming more likely as the stock market decline has become less orderly this week.
Resistant levels - finding markets bottoms at priori modeResistant levels - finding markets bottoms at priori mode Finding markets bottoms - priori mode, important resistance levels signaled at red color in spx index and based on value line geometric line, ie, common stock performance...
S&P500 daily- Major Support around 2000-2050.S&P500- Back within Broadening wedge. Major support around 2000-2050. If this is breached convincingly, watch out below!!
S&P500- Weekly chart (200 period moving average). The 200 period moving average has been acting as support for a long while.
If this Coronavirus goes nuts, prices will slice right through it.
Number of days during 1 month when SPX index move more than 1 %Just for Stats ... Number of days during 1 month when SPX index move more than 1 %
S&P500- Testing overhead resistance. S&P500 back into its broadening wedge formation. Likely to stay there if it fails to convincingly breakout above its broadening wedge.
VOO - Pivot pointFor now at least, we have found a pivot point for this SP500 ETF, at the 50% fib retrace level. Huge volume and a quick turnaround in price, we shall see how this one turns out. Compare Volume to late 2018, our targets for a bounce from this level are at 88% Fib extension level of $290, all time high of $312 (100%), and perhaps $372 at the 161.8% extension level.
This can still drop, there is a lot of news creating a small panic, and if so we may get to see the dead cat bounce. For me, volume is key.
S&P500- attempting to Fib Retrace to 3060?Still a strong overall drowntrend regardless. SP500 is down over 11% at its peak in just over 7 trading days, and with all corrections (assuming it's that), takes an average of 4 months to hit bottom. If it is a bear market, than the average time to hitting bottom would be over well over 4 months.
Resistant levels - finding markets bottoms at priori modeFinding markets bottoms - priori mode, important resistance levels signaled at red color in spx index.
S&P500 - Daily chart hits temporary support.S&P500 - Daily chart hits temporary support.
Likely to be temporary support. The virus won't stop spreading anytime soon.
SPX Year forward earnings divided by average Moody bonds yieldsSPX Year-ahead forward consensus expected earnings divided by average of Moody’s Aaa and Baa bond yields comparison with SPX index, SPX based on this metric is at present time not expensive, but relatively cheap. Same chart as but different source of data.
SPX Year-ahead forward earnings divided by average Moody bonds SPX Year-ahead forward consensus expected earnings divided by average of Moody’s Aaa and Baa bond yields comparison with SPX index, SPX based on this metric is at present time not expensive, but relatively cheap.
