
The cash S&P500 formed an “outside” price bar yesterday while closing much higher. Although it was bar #9 in a possible TD Buy Setup we have not yet “perfected” that pattern. To do so still requires a move below 888.86.
Technical Analysis of the financial markets using Elliott Wave, Gann, Fibonacci, cycles and momentum indicators. Posted information is for educational purposes only and not a recommendation to buy or sell any stock. This site is dedicated to the study of technical analysis.
The cash S&P500 formed an “outside” price bar yesterday while closing much higher. Although it was bar #9 in a possible TD Buy Setup we have not yet “perfected” that pattern. To do so still requires a move below 888.86.
At the start of my holiday last week I was of the opinion that “… equities have started their most significant pullback since the rally from the March 6 low began. The “proof”, so to speak, will be a weekly technical sell signal which we have to wait until Friday for (but seems increasingly likely).” The sell signal was registered on the weekly chart last Friday and the cash S&P500 has moved lower, hitting targets at 903 and then the weekly moving average and a Fibonacci level near 888.