Chart of the Week: The Monthly SPX
Most of my trades have a tendency to last from a couple of days to a couple of weeks, so as a result I tend to spend almost all of my time looking at charts with daily bars or intraday bars. As a consequence, I find that I run the risk of not focusing on long-term trends.
One of the ways I try to overcome trading with short-term blinders on is to force myself to study some weekly and monthly charts. I find that particularly when markets seem to be at potential inflection points it pays to take out that wide-angle lens and step back for some additional perspective.
This week’s chart of the week is an attempt to do just that with the SPX, using monthly bars going back to 1998 to put the last few months into historical context. What I see is a classic bullish bounce off of a cycle low that has now advanced just shy of the 50% retracement level. Stocks have been consolidating for the past 4-12 months, depending upon one’s perspective, and are likely going to soon be choosing whether to continue upward above the 1220 level and establish some new bullish momentum or fall back below 1010 and make a run in the direction of 666.
The longer time horizon does not necessarily make it any easier to discern the direction of the next big move, but it does a better job of laying out the battlefield and where both bulls and bears should be able to declare victory.
Keep in mind, of course, that it is the victors who get to write history…
Related posts:
- Bernard Lagat and Trading Strategy
- XLF Bias Depends Upon Time Frame
- Chart of the Week: Weekly Volume Flow
- The SPX and the VIX Revisited
- The Importance of Time Horizons
- A Sentiment Primer (Long)
Disclosure(s): none
Read the original story at Wall Street Sector Selector
Source:
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,812,340,014 |
| Stories: | 8,654,433 |
Whistler Blowers, Insiders
