Narrow range
Posted by Danny on September 18, 2017
The S&P 500 has climbed just above 2500, technically breaking out above its early August highs. But this doesn’t make the market any easier to read because we remain stuck in a narrowing range. Here is the updated chart:
The narrowing range, as shown by the blue lines in this chart, will inevitably be abandoned sooner or later and that will probably set the direction of trading going into 2018. We remain in a lunar green period and the LT wave for September stays positive until the end of this week. So we could see 2520 in the coming days. But the Earl is peaking out, so it looks like the stage is being set for another pullback.
I wouldn’t be too aggressive with bets either way at this point. I would just wait for the breakout from narrow range and then go along with the new trending move (up or down).
Like this:
Like Loading...
This entry was posted on September 18, 2017 at 11:18 am and is filed under Market Commentary.
Tagged: narrow range, S&P 500. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Narrow range
Posted by Danny on September 18, 2017
The S&P 500 has climbed just above 2500, technically breaking out above its early August highs. But this doesn’t make the market any easier to read because we remain stuck in a narrowing range. Here is the updated chart:
The narrowing range, as shown by the blue lines in this chart, will inevitably be abandoned sooner or later and that will probably set the direction of trading going into 2018. We remain in a lunar green period and the LT wave for September stays positive until the end of this week. So we could see 2520 in the coming days. But the Earl is peaking out, so it looks like the stage is being set for another pullback.
I wouldn’t be too aggressive with bets either way at this point. I would just wait for the breakout from narrow range and then go along with the new trending move (up or down).
Share this:
Like this:
This entry was posted on September 18, 2017 at 11:18 am and is filed under Market Commentary. Tagged: narrow range, S&P 500. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.