S&P 500 - Topping out pattern
S&P 500 has formed a nice topping pattern over the last three months.
Take note of the fact the falling top formation and an eventual break below 2120 support last week. The index closed above 2120 yesterday, but one should not read too much into the movie since it was triggered by FBI granting clean chit to Clinton.
This is tricky. S&P 500 chart has a topping pattern, while Gold and JPY (traditional safe havens) have topped out (USD/JPY bottomed out).
Out of the three, S&P 500 could be relatively trustworthy simply because the index has topped out during the three months when Clinton was in the lead. So either the index has already priced-in Clinton victory or equities know something more than others don’t.
Take note of the fact the falling top formation and an eventual break below 2120 support last week. The index closed above 2120 yesterday, but one should not read too much into the movie since it was triggered by FBI granting clean chit to Clinton.
This is tricky. S&P 500 chart has a topping pattern, while Gold and JPY (traditional safe havens) have topped out (USD/JPY bottomed out).
Out of the three, S&P 500 could be relatively trustworthy simply because the index has topped out during the three months when Clinton was in the lead. So either the index has already priced-in Clinton victory or equities know something more than others don’t.
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