spx update - the latest spx update

spx update

Our VIP MEMBERS are out of the market, with some nice gains, 90pts infact. Very nice indeedy.

The markets in the next several months are in for a nice WILD RIDE I think. This happens every time we get conditions like we are seeing, so its gunna be very lucrative to those who know what they are doing, I am sure.

This is no doubt the S&P chart right now is looking very healthy. See how we bottomed with the INVERTED HEAD AND SHOULDER and now we are travelling up in a nice upwards channel, that has not been violated for now.

There are many bears out there, since 1450 screaming for a crash, however our VIP MEMBERS were able to do very well on the upside while all this screaming went on, and I have a felling there is more movements on both sides of the market to profit from.

For now, the market more bullish, but a key note here is it is very overbought, and traders who are late to the rally party do not know what to do.

spx daily chart

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inverse head and shoulders - inverse head and shoulders showing.

inverse head and shoulders

Just days ago the russell daily bar chart stuck out at me. 

Today I am now starting to realize why? as an analyst I look for patterns that present themselves to be high probability patterns and that can warn us of moments on the market before they occur. 

Have a  look what I found here on the RUSSELL 2000 daily chart. An inverse head and shoulders pattern.

well, I would be calling this an inverted head and shoulders anyway. (drawn below)

This is a bullish pattern. Not only do we have an inverted head and shoulders, but a bullish flag pattern within the right shoulder (on that inverted head and shoulders) that seems to be forming. WOW!

The other thing I have to mention is that the RUSSELL 2000 has sort of been a leader the last few weeks on the market, so that is a tell tale sign in my book! Sentiment trader is liking the RUSELL 2000 and the S&P 500 here at the moment, and I would not be surprised to see it some positive (up) moment on these in the next several days. 

Again nothing is set in stone, and nothing is foolproof and I am just calling it how I see it.

FED DAY coming and this also could have a positive effect on the market more so next week though. 

Please Note : I will be travelling interstate the next few days and will not be able to post on this blog for several days, do not panic I will be back. But in the mean time, good luck, and good trading to you all!. :-)

inverse head and shoulders

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