Time for extreme caution
Time for extreme caution and potentially even start loading up on Puts, inverse ETFs, sell CFDs or simply move to cash. The bear looks likely to return. This third wave has the potential to be big and make new lows.
Technical analysis of SPX using a log chart shows the following:
- Bearish rising wedge on diminishing volume
- 78.6% Fib Retracement (deep retracements are a typical characteristic of the first countertrend rally in bear markets)
- Second most overbought daily MACD ever (second only to Jan 2018) with momentum fading
- Market has rallied to the broken 2009-2016 trend line (retest complete)
- Heavy band of resistance from triple top in Oct-Dec
- Daily close below the support line
Technical analysis of SPX using a log chart shows the following:
- Bearish rising wedge on diminishing volume
- 78.6% Fib Retracement (deep retracements are a typical characteristic of the first countertrend rally in bear markets)
- Second most overbought daily MACD ever (second only to Jan 2018) with momentum fading
- Market has rallied to the broken 2009-2016 trend line (retest complete)
- Heavy band of resistance from triple top in Oct-Dec
- Daily close below the support line
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