Some basic observations on the S&P 500
At Friday's close, the S&P 500 was within kissing distance of it's ATH. The bounce from the 10% "correction" was so steep and sudden that I'm not sure if we can actually classify it as a correction. The Stoch RSI looks ready to plunge, the MACD looks like it's getting ready to follow suite, but not quite there yet. The RSI is confusing as it looks like it might be breaking out from its bearish trend. Trading at the top of its Bollinger band as well, which doesn't tend to happen for long.
Looking at much more advanced chartists here consulting things like historical trend lines and %>200MA of the S&P 500's constituent companies reinforces my view that there is more blood to come. It looks like we've had some aneurysms and I'm pretty sure the artery is about to burst. My only uncertainty is on account of how sudden and convincing this bounce back has been. Let's see how next week plays out.
Looking at much more advanced chartists here consulting things like historical trend lines and %>200MA of the S&P 500's constituent companies reinforces my view that there is more blood to come. It looks like we've had some aneurysms and I'm pretty sure the artery is about to burst. My only uncertainty is on account of how sudden and convincing this bounce back has been. Let's see how next week plays out.
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