S+P 500 has closed above 2810 on 3/15/19, the high of the Feb 2018 Weekly Red Bar,
shown here on a Line Break Chart,thus rendering a Weekly Buy Signal.
Japanese" Line Break" charts disregard time,
and instead simply use closing price only, in green/red Buy/Sell bars to determine trend.
it's revealing to note that the Daily Opening Price on 3/15/19 was at 2810,
and then,the market took off from there to the upside.
S+P is currently tagging the lower VIX Bollinger Band,
so a exhaustion setup as witnessed by Friday's late sell off is possible soon.
Bottom Line Here.
Watch the 2810 level in the S+P 500. It is now Important Support.
A Weekly Close Below 2810 would trigger an Important" Line Break" Sell Signal going forward.
SPX Last 2822.48
THE_UNWIND
3/16/19
Mountains/New York
shown here on a Line Break Chart,thus rendering a Weekly Buy Signal.
Japanese" Line Break" charts disregard time,
and instead simply use closing price only, in green/red Buy/Sell bars to determine trend.
it's revealing to note that the Daily Opening Price on 3/15/19 was at 2810,
and then,the market took off from there to the upside.
S+P is currently tagging the lower VIX Bollinger Band,
so a exhaustion setup as witnessed by Friday's late sell off is possible soon.
Bottom Line Here.
Watch the 2810 level in the S+P 500. It is now Important Support.
A Weekly Close Below 2810 would trigger an Important" Line Break" Sell Signal going forward.
SPX Last 2822.48
THE_UNWIND
3/16/19
Mountains/New York