My friend and stock analyst with Market Club, Adam, will share with you his technical analysis of the S&P 500 chart.
You previously saw my technical analysis of the S&P 500 chart and prediction for July so why am I presenting to you an additional technical analysis video on the S&P 500 chart?
I am of the view that you can not watch enough technical analysis vids. Everybody has their individual technique and style when reading charts therefore aim to watch as many technical analyst videos as possible. One stock analyst might concentrate on what a different technical analyst just briefly mentions.
Make note of the familiar threads or central points you see and hear talked about in different stock analysis vids. You will learn that when 2 or 3 separate market analysts talk about the same thing in a stock chart, it’s a great idea for you to keep your eye on that particular formation or price level.
If you are a stock analyst yourself, and I hope you are as my purpose is to teach you as much as possible on how to develop into one, then watching technical analysis videos from separate market analysts will facilitate you in your own trading and in producing your unique content for your blog, video, or just to chat about with folks.
In this video, Adam takes a quick look at the S&P 500. He plots three moving average lines: the 50, 100, and 200. Adam did this video on June 30th and he talks about the Burial Cross that all technical analysts are keeping their eyes on: the 50 day moving average breaking below the 200 day moving average. Given that this video was made on June 30th, we have had a Burial Cross since which suggests now is a terrific time to short this market.
The Trade Triangle score on the S&P 500 is -90 which implies a good downtrend.
If we do a Fibonacci Retracement of the rally that began in March of 2009, then a 38.2% retracement is at 1011, a 50% retracement is at 947, and a 61.8% retracement is at 883. These are our 3 support levels on the way down. Adam’s view is that we are headed to the 50% to 61.8% retracement area between 947 and 883. If Adam is right, we are in place to make a lot of money on the short side. Keep in mind also that 70% of all Fibonacci Retracements go down between a 50% and 61.8% retracement area.
To watch the video talked about above go to Creepy Stock Chart Pattern Video
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