The simple moving average MA 30 is now acting as obvious resistance and exerting selling pressure. The weekly chart chart is hitting strong resistance as well. ![]() A price point where price tends to find strong support or resistance.Ĭhart is not part of my public list. Up-to-date S&P 500 daily price chart on my public list.Īs you can see in the daily chart above the 1260 area acted as an inflection point in the past. Although we could still see an S&P 500 rally into Christmas in the grand scheme of things it is best to be aware of Bear Market Trading Rules. ![]() Here are a few charts of the S&P 500 that suggest we are indeed in a bear market and recent price action is nothing more but a reprieve until the real action unfolds. Granted, the price action during the recent weeks might suggest otherwise, but I’d rather be wrong and stay mostly in cash or being short as opposed to getting caught in a vicious down move with aggressive exposure the long side. I still think it’s only a matter of time until the bear market develops its full force. The way stocks get punished doesn’t want me to get long. My point is: It doesn’t even matter what they announce, it’s the reaction to the news that counts. Apart from the technicals I keep seeing stocks like AAPL – Apple and now AMZN – Amazon getting killed after they announce their earnings. ![]() That’s the chart annotation I added to the daily S&P 500 chart on my public list yesterday. The S&P 500 chart is starting to hit strong resistance.
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