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One thing I always like to see on SPX the day after I call a possible high area is a big gap down and I wish that happened every time. Alas it does not, but it was nice to see that happen this morning.
In terms of the trendlines I was looking at in my post yesterday morning, SPX went a bit higher and hit the shorter term resistance trendline that I thought might need a hit. There was a nice rejection there that followed through hard this morning.
SPX daily BBs chart:
A few weeks back, it seemed I had stumbled upon some kind of holy grail in the form of sinewaves. Sadly, wouldn’t you know it, that the history of sinewave-compliance was ready to be dead and buried. Check out the three charts below……….
Here we see that, in the face of lifetime highs across the board in the stock market, Tesla has nothing nothing but bounce off its broken trendline.
This updated video (two of them, actually…….) provides analyses on all the major stock indexes and is visible to all paying members. Enjoy!
The broken trendline is perhaps more powerful than the Fibonacci range at this point. Keep in mind the context – – the market is at LIFETIME HIGHS, and this is all Tesla can muster.
