If you look at the chart from Jan 4, and now consider today's new high and the fact that the SPX ran right through our congestion line at 2725, it gives us an upside target at 2760. Remember that the congestion line can act as support or resistance. Our short-term trading range will be between 2725 and 2760.
The question was asked if my ranges are always $35 each. This has been the case recently, but it is due to current volatility conditions. When volatility ramps up in the future, our trading ranges will likely expand.
Beware of parabolic moves - they can precede heavy selling.
We now have the market forecast Near-Term line above 80 for three consecutive days. This is implying more bullishness in the future. Continue to monitor the line to count the total consecutive days above 80.
Have a great weekend!
Craig
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1 comment:
Thanks Craig. I really appreciate the Blog and the Useful Key information necessary to know while investing.
Hope you are doing well!
Have a Great Weekend!
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