S&P500 SPX Head and Shoulders

7 Mar 2019

The US indices just kept on going up and up the past 2 months, like there was not stopping it. Each moment of weakness (were some bear traps on lower time frames past months), simply got pushed back up which eventually led to a continuation of the rally. Now for the first time, we dropped out of that channel and even did a successful retest. To prevent another bear trap, that thick support line needs to break tomorrow. We really need to see a good drop tomorrow, nothing slow, no hesitation, no sloping on that thick trend line. That H&S target needs to get reached in like 2 days. Need to see some real profit taking this time, otherwise i am afraid it will simply move up again, postponing a drop once again.

My long term view on the stock market, is a big bear market.


Previous analysis:

7 Mar 2019

Not

Finally some real weakness now, dropping as i asked for, with some speed. But, we should not act surprised though if the bulls pull something off. Normally, this should become at least a bigger correction. Think we should see 2700/20 even this or next week.

8 Mar 2019

Not

Target reached, so far no bounce so good chance we might drop some more before making a move up again. That green support around 2680/2700 might be a a target that could get reached and to take more profits (for the ones who keep some running)