S&P 500 riding bottom of up channel and under resistance line

10 thg 11, 2020

After that massive rally yesterday the S&P is look weak this morning. No major gap up like every other morning for the last week. You can see that it is now riding on the lower edge of the up channel and it is now back under the core resistance line that limited that last big rally. The bullish view would be it is time to cool off and consolidate before another big push. In my bearish point of view, this rally may have finally run out of steam as the S&P is just way too overextended at these levels.

10 thg 11, 2020

Ghi chú

A lot of just sideways today. Tomorrow it is going to make a move as it is wedge right on the channel edge and in the trend lines. Big questions is up or down. NASDAQ still has a gap to fill to the up side, so I am guessing that happens tomorrow and takes the S&P with it, but with this crazy market anything goes.