April 22, 2017: New comments S&P500
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Please look at all charts, monthly, weekly and daily before making your own conclusion. You can find HERE a description of the chart template used.
This text will generally only be adapted once every month. The chart is updated until 04/21/2017. The chart template is explained HERE.
Last month I wrote: "February is closing higher. The ending wedge pattern is still there but, we crossed the median line of the up moving pitchfork. On the other hand the index comes close to the upper side of the volatility channel. The stochastic RSI is still topping and price remains far away from all averages. Since we can still see a convergent move between the index and the indicators, I doubt if the longer term down reaction will start the coming month already. My opinion, the chance to move still higher the coming month of March has a better chance. The last long term up move started some 8 years ago. Some month the long term reaction will start and bring the index down possibly to a 50% retrace of this long term up move! Buying at current high levels may therefore be very risky. You must be prepared to get out with an acceptable loss don't, wait too long..."
March closes at almost the same level as February. As a result, not much has changed. However in the daily and weekly chart we have first signs of a reversal. This reversal may be limited but, it may as well be a long term reversal. For the month of April I can repeat most of the comments of February. The ending wedge pattern is still there. The index is close to the upper side of the volatility channel. The stochastic RSI is still topping and price remains far away from all averages. The last long term up move started some 8 years ago. Some month the long term reaction will start and bring the index down possibly to a 50% retrace of this long term up move! Buying at current high levels may therefore be very risky. You must be prepared to get out with an acceptable loss don't, wait too long..."
For FOREX traders, here I keep FOREX EUR/USD updated charts.
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