December 3: 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.
The used chart template is explained HERE.
Last week I wrote: "As I mentioned last week "Of course, this close to the previous top, making another higher top should not come as a big surprise." We now have a new top wave 3.14 on the weekly chart. What I missed is the flag pattern from the top 3.13 and the convergent move from 3.13 down. That usually predicts a continuation of the previous up trend. I assume we will get some reaction. However a further up move the coming weeks towards the upper side of the volatility channel should be expected. "
Reaching a new top, there was some reaction the past week. Possibly there will be some more reaction but, there is a good chance the index moves higher the coming weeks. Read also my comment regarding the monthly chart here. We have to watch the higher index price with a possible lower Stochastic RSI oscillator top. That negative divergence would confirm a long reversal.
The longer term SVEPRExp expert system is green. Green means a long position and black a short position for the long term on this weekly chart. You can find more information about SVEPRExp HERE and HERE!
For FOREX traders; here I keep updated FOREX EUR/USD charts.
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