Beginning of a Double Top for S&P 500?
The SP500 just saw a golden cross of its 50/200 day MA, and it is presently re-testing the top of its 200 day EMA. The 50/200 EMA has not yet crossed. Pattern on the chart is a falling wedge that has recently broken out.
Targets point to a double top with either a slightly lower high if we reach TP 1, or a slightly higher high if we reach TP 2.
Much of the stock and crypto markets are indicating potential for double tops with slightly higher or lower highs.
Caveats:
- If DXY turns up strong from where it is now, I'm expecting the slightly lower high.
- Should DXY hang out in the area it's in now and then move up - slightly higher high.
- However, if DXY moves down well below 99, we could see an extended period of gains instead.
Targets point to a double top with either a slightly lower high if we reach TP 1, or a slightly higher high if we reach TP 2.
Much of the stock and crypto markets are indicating potential for double tops with slightly higher or lower highs.
Caveats:
- If DXY turns up strong from where it is now, I'm expecting the slightly lower high.
- Should DXY hang out in the area it's in now and then move up - slightly higher high.
- However, if DXY moves down well below 99, we could see an extended period of gains instead.
Yorum:
Update - SPX saw golden crosses on its 50/200 day MA (dotted) and EMA (solid). It is presently re-testing the area around those crosses, as often occurs after a crossing. Hold above them and it should start moving back towards targets:
Yorum:
Update - bounced off the top of the wedge:
Yorum:
Update - 3day log chart view, added log targets which are slightly higher than non-log measurements (still nearly identical):
