Loading ...Russell 2000 Major Chartology
Notice the major breakout above the blue long term line.
The red parabolic bottom rail has become support now as well and was hit on the first spike low of this correction.
A normal pattern has formed, so far, above the major breakout. I won’t be concerned unless we close below the blue long term line and won’t be majorly concerned until we close below the red parabola which may be hit by a spike low one more time.
Zoomed in:
Chart of the Year Candidate Sir Chuck !
Lol. Thanks Sir FGC. I actually used my laptop instead of my fingers on the iPhone for once.
I’ve become such a lazy chartist….
Nice Chuck. Still thinking we get a lower low here on big volume. Doesn’t look like enough panic. Put call moved up but not much. Again, just seems too easy. The play book needs to be thrown out here. S&P is below the 200. I suspect the rest will follow and fall below the 200 and when it appears we’re broken technically a rally can ensue. Close. Maybe 2500 on the S&P. If a rally can then move above the 200 quickly on strong volume we have a chance at new highs. If we falter we may be heading to 19k or so on the DOW. Way too many bulls here. What would be nice is a move above 2600 on the S&P now to make it look like we’re ready and then a quick move down to below the 200 on the DOW.
Maybe.
We did open above the 200dma on the S&P. I’d be interested to see the close today…
You way better at this than me Chuck:) I’m open.
Naaaa…
I know a lot of people are nervous though for sure. I’ve had many coworkers asking me about closing below the 200dma, etc.
Some people out there I’m sure are completely on the sidelines in their 401k’s and IRA’s.
Ideally, would like to see 2450 and close that gap on the S&P. QQQ has one at 147. DJIA at just below 22k. Completely erase the hyperbolic move since September 2017. That would be most discouraging indeed and rewrite some of these old technical rules. Too much BTD mentality still.
Good points. Could happen.
I think those gaps may just get closed in the mid 2020’s personally when the crashes of all crashes happen…
I think we’re about the see the biggest bubbles in history blown to extremes never seen before.
I’m rooting for ya
Thanks… lol. 🙂