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Well, the constant drift upwards is relentless. I thought September would bring some more decisive direction, but it took almost two weeks of chop to get anywhere. But now the direction seems to be up.
SPX Daily
(more…)I had actually forgotten we even HAD the volume profile study. I gave my all-important XLU a look, and this is encouraging, since there’s a thick wall holding off price ascent.
Below are two charts. The first one is the Dow Jones Industrial Average which, like all other stock indexes, had a huge rally today. Take careful note of what’s happening, however. It is pushing its way back to the base of the rounded top. My view is that this top, formed through most of August, has defined a new direction in the market, and the Dow will soon resume its slippage lower.
SPX has seen a decent retracement from the highs, the reversion to the mean target at the 45dma has been hit, and a lot of decent looking bull flags have been forming on US indices. SPX may now be close to a retracement low, and a daily RSI 5 buy signal fixed a couple of days ago. The overall setup here is strongly suggesting that the next move on SPX may be a retest of the 2023 high at 4607.07.
SPX daily chart:
I went through my 28 index charts, hiding everything EXCEPT for the standard three moving averages (50, 100, and 200 day exponential). The vast majority of them look something like this since, as lagging indicators, they are reflecting the risible rise in assets for the first seven preposterous months of 2023 and will continue to do so until the crumbling becomes clear.
