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Analyst: S&P 500 Could Be Repeating 2007 Pattern (SPY)

Saturday, April 14, 2018 3:57
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Technical analyst Chris Kimble examines the S&P 500 (SPX) chart and finds some striking similarities between now and 2007.

Above looks at the S&P 500 over the past 17-years on a weekly basis.

In 2007 at the top of a rising channel, the S&P 500 appears to have created a “Descending Triangle” pattern before heading lower. Once it broke rising & horizontal support, selling pressure took over.

The S&P over the past couple of months could be creating another descending triangle pattern at the top of its rising channel.

Joe Friday Just The Facts: Doubtful that a repeat is in play

Worth being aware of how important rising & horizontal support could be? Yes!

The SPDR S&P 500 ETF Trust (SPY) closed at $265.15 on Friday, down $-0.78 (-0.29%). Year-to-date, SPY has declined -0.64%.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 145 ETFs in the Large Cap Blend ETFs category.


This article is brought to you courtesy of Kimble Charting Solutions.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)



Source: https://etfdailynews.com/2018/04/14/analyst-sp-500-could-be-repeating-2007-pattern-spy/

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