Chinese indexes officially in a bear market. European and American Indexes starting to print possible topping patterns as well. Was China the Canary?
Today I wanted to do things a little different so outside of our standard price action analysis from Friday I also take you guys through a full trend, pitch, fib and time analysis from our breakout into the 4000's and subsequent price action since starting from a naked chart. This gives us a glimpse into the trend structure on a more immediate and local basis. I got so carried away I even forgot to check the weekly and monthly charts with you guys, but newsflash - it was green and we're overextended and overbought, need a pullback specifically on the monthly which just printed its 6th advance in as many months.
SPX monthly RSI at 76.84, highest since 2018, VIX making subsequent daily higher lows.
The one issue is the overwhelming amount of bearishness i'm seeing in the retail crowd. Tells me we're going to see some fits and starts before we get a full unadulterated Thunderdome.
I swear I feel like Ms. Cleo with how some of this stuff is lining up. Happy trading.
youtu.be/sZL9591q3pA