Trading Edges That Last
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Lawrence's Comment Recap News driven market condition as noted in last week's comment materialized. Messy price actions all week due to news / rumours yet our trusted NFP biases all worked out. ...READ MOREDid it again. I promised myself not to pull anymore all nighters yet I did it again. My research clearly told me that the advantage of riding trades from ...READ MOREFor more information about this report please refer to the Market Bias Informant pageREAD MOREES Chart 2007-11-27Precog Vision – US Indices 2013-10-22Real-time Commentaries 2012-10-25Precog Vision – US Indices 2021-8-20S&P 500 Jul 11 to Jul 15 OutlookOld Habit Is Very Hard To BreakReal-time Commentaries 2017-3-3Precog Vision – US Indices 2012-4-6Weekly Cycle Projection (SPY) 2013-12-02Real-time Commentaries 2017-11-6
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S&P500 Resistance Trend Line Breakout vs. Potential FBO Against April High May 15, 2015
Yesterday I posted the chart on the potential breakout of the resistance trend line that led to the run to new high for the year.
Now that Emini S&P has tagged April high but failed to hold above that, a potential False Breakout on monthly scale is in place. Last false breakout on monthly was earlier this month against April low and that led to a very strong reaction as seen in the chart below (updated to mid day).
Closing below previous week high will signal serious trouble going into next week with the up channel support (highlight in green) being the first stop to the downside. Breaking the up channel points to the magic 2050 area that was tagged every month this year so far.
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