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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

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* 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.
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Dots

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Friday, May 21, 2021

SPX: Rock Solid?

Looks like a bearish diamond formation is revealing an apex around the 4150 level on the SPX, as shown on the following daily chart.

A break and sustained hold below could send the SPX tumbling to 4000, or lower to its next support level at 3700.

Any convincing sustained move higher, will be dependent upon the SPX:VIX ratio meeting the following conditions (daily ratio chart below):

  • the ratio price retakes and holds above the 50 MA
  • the RSI retakes and holds above the 50.00 level
  • the MACD and PMO form and hold new bullish crossovers
However, achieving those conditions may not be so easy, inasmuch as the recent uptrends have been broken on the RSI, MACD and PMO indicators.

So, the SPX could be in for more chaotic whip-saw swings until it breaks and holds above or below the entire large diamond pattern and forms a new trend in either direction.