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September is the weakest month of the year historically on SPX, and started yesterday with a significant show of weakness, with SPX gapping below the daily middle band and closing below it. This is the third close below the daily middle band in the last few weeks and, as with the other two, we may see a rejection back up into another marginal higher high, but these are significant signs that SPX may be topping out for at least a larger retracement here.
SPX daily chart:
Back in my post on 11th April I called the likely start of a strong rally which we then saw.
Back in my post on 12th May I called for new all time highs on Bitcoin (BTCUSD) and laid out possible IHS scenarios on both Solana (SOLUSD) and Ethereum (ETHUSD), looking for ideal right shoulder lows on Solana in the 125.43 area and on Ethereum in the 2074.27 area. That hasn’t gone quite as I drew then but essentially both are still running that scenario, though Ethereum has now reached the IHS target.
Back in my post on 23rd June I called the likely lows on those right shoulders made on Solana at 126.09 and on Ethereum at 2113.65, and was looking for that IHS scenario on both to start to play out.
Back in my post on 18th July I was looking at the IHS that had since broken up on Ethereum and the progress made towards the IHS neckline on Solana.
(more…)Back in my post on 11th April I called the likely start of a strong rally which we then saw.
Back in my post on 12th May I called for new all time highs on Bitcoin (BTCUSD) and laid out possible IHS scenarios on both Solana (SOLUSD) and Ethereum (ETHUSD), looking for ideal right shoulder lows on Solana in the 125.43 area and on Ethereum in the 2074.27 area. That hasn’t gone quite as I drew then but essentially both are still running that scenario, though Ethereum has now reached the IHS target.
Back in my post on 23rd June I called the likely lows on those right shoulders made on Solana at 126.09 and on Ethereum at 2113.65, and was looking for that IHS scenario on both to start to play out.
Back in my post on 18th July I was looking at the IHS that had since broken up on Ethereum and the progress made towards the IHS neckline on Solana.
(more…)In my post on Tuesday 5th August I was looking at the modest breaks back over the daily middle bands on SPX and QQQ on the previous day and noting that conversion of those to support would open possible all time high retests, and hard fails there would strongly support the H&S patterns forming on both.
In my post on Thursday 7th August I was saying the same about the second breaks on SPX and QQQ above those daily middle bands on Wednesday and looking at the three strong resistance trendlines on SPX, QQQ and DIA in the event that SPX and QQQ delivered those all time high retests.
In my post on Wednesday 13th August I added a fourth target trendline on IWM and noted a short term inflection point as we waited to see whether DIA would confirm the break back over the daily middle band on Tuesday. That resolved into a strong break higher on DIA.
(more…)Back in my post on 11th April I called the likely start of a strong rally which we then saw.
Back in my post on 12th May I called for new all time highs on Bitcoin (BTCUSD) and laid out possible IHS scenarios on both Solana (SOLUSD) and Ethereum (ETHUSD), looking for ideal right shoulder lows on Solana in the 125.43 area and on Ethereum in the 2074.27 area. That hasn’t gone quite as I drew then but essentially both are still running that scenario.
Back in my post on 23rd June I called the likely lows on those right shoulders made on Solana at 126.09 and on Ethereum at 2113.65, and was looking for that IHS scenario on both to start to play out.
(more…)
