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Strategies & Market Trends : Point and Figure Charting
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To: Ms. Baby Boomer who wrote (32664)1/19/2020 5:41:44 AM
From: Underexposed8 Recommendations

Recommended By
codfish23
Don Green
mary-ally-smith
mattstat
Rollocaster

and 3 more members

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It is a long time since I have been on this thread. Fintas and I have had our differences but I see he is MIA for a couple of months now. I know he has had his medical problems as we talked about them 6 months ago. Myself I have had difficulties with blocked arteries a month ago but caught it early and had an angioplasty fixing one stent and installing another. I have recovered completely except for shortness of breath due to a new med side effect....

I hope Fintas is on the road to recovery...I would like to bury the axe with him.

Anyway, in his absence I thought I would comment in the state of the S&P 500.

"S&P 500 stalling out at overhead resistance"...
 Personally I think this comment of yours is way out of line from a TA perspective and I will explain why.

Here is the chart you posted





This is hardly a bearish chart.... there is no resistance now.... that resistance that did exist an hour and a half earlier has been breached and now forms a rather solid support.

The divergence of the MACD that you talk about is getting less and less with time....no getting greater.

You comment about a "Bearish Dragonfly Doji at resistance...". There is no Bearish Dragonfly Doji in that chart.

Here is a definition of a dragonfly dogi



Do you see a trend in your chart like the one in the circle???? I don't ..... the only candlestick that looks like that doji in the definition is the second on of the day (Jan 17). Obviously that did not portend anything bearish longer that the next 30 minutes....nothing more.

This is a P&F chart that Fintas would approve of


It may have lost a bit of previous steam of 2019 but it is hardly failing

Here is an Ichimoku chart of the $SPX



A more bullish chart is hard to imagine.... every indicator in the chart is bullish and the share values are high above green clouds.

Certainly the S&P500 will eventually falter but since the index is at an all-time high it is hard to predict when. World conditions certainly affect stock market performance but so far all three major USA indexes agree... the market is still bullish....

I doubt you will see a plummet of say 10-15% in a single day....probably what will happen is the share value will stop at some height....rise and fall in a consolidation period and if it is going to fall it will drift negatively in that consolidation

My Trigger charts do not show such a hesitation at all



in fact it is tracking the upper bollie very bullishly and is not in any kind of consolation phase at all.

The sky is not falling or about to as you suggest.....not yet anyway

UE

PS: Get well Fintas....you are missed
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