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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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NOTABLE POSTS WITH IMPORTANT UPDATES...

Tuesday, February 27, 2018

S&P 500 Index: Near-Term Trendline Apex Support Levels

The following daily chart (and close-up shot) of the S&P 500 Index is criss-crossed by a number of trendlines. There are a couple of near-term price levels where these intersect at their apex (2730 and 2685). Should both of these be breached with force, we'll likely see another leg down.

My last post referencing the SPX:VIX ratio offers further details that would corroborate such a downward event...worth monitoring in the days/weeks ahead.



The monthly chart of the SPX below depicts the ATR indicator in histogram format (with an input length of one month). This length of one month illustrates which months made the most volatile moves during the past 20 years. Generally, the ATR spikes have preceded either a period of consolidation or a trend reversal. The spike in this month's ATR is the second highest, with the highest formed by the October 2008 candle. We still have one day left in February's candle, so a higher ATR is still possible (although it seems remote). In any event, this is hinting of further volatility ahead and either a period of consolidation or trend reversal.