As Friday's trading action is coming to a close in a couple of hours before the Labour Day weekend, an interesting observation to note is this daily chart of the SPX.
Since the beginning of August, gaps on the open in both directions have pretty much occurred on a daily basis (blue box). When the same thing happened in the last quarter of 2018 (blue box), we saw a rapid plunge in the space of a few days.
Both pink boxes shows that a similar setup may be forming. The question is, will it retest the December 2018 lows anytime soon?
If I had 2 crystal balls, I'd give you a second opinion...😊
Welcome and thank you for visiting!
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
* 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.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* 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...please read my full Disclaimer at this link.
* If the dots don't connect, gather more dots until they do...or, just follow the $$$...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. March 22 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Fri. April 7 @ 8:30 am ET - Employment Data
* Wed. April 12, 2023 @ 2:00 pm ET - FOMC Meeting Minutes
* Wed. April 19 @ 2:00 pm ET - Beige Book Report
* Wed. May 3 @ 2:00 pm ET - FOMC Rate Announcement + Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
*** CLICK HERE for link to Economic Calendars for all upcoming events.