SPX update: Technical Indicators reached levels this past week that coincide with important bottoms over past 2+ years

The past week several Technical Indicators (TIs) reached levels that over the past 2+ years coincided with important market bottoms. Here I looked at the daily RSI5, Wm%R(14) and FSTO(14,3,3). The purple horizontal lines for each TI show the low(est) levels reached for all 3 TIs at the same time, and the green vertical lines show the…

GPRO alert: bullish chart pattern forming!?

GPRO is certainly not one of Wall Street’s darlings -despite stellar smashing earnings- and everybody is selling their shares as if they carry an infectious disease. Hence, when nobody wants them, maybe it’s time to buy it!? Or as my favorite investor once said: “Be Fearful When Others Are Greedy and Greedy When Others Are…

Support and Resistance for the SPX based on trendlines

Trend lines are easy and simple, but important as they determine price’s direction, support and resistance. However, there are always a myriad of trend lines possible, which can make things confusing; from long term (important) to very short term (less important). Here the long term to intermediate term (months to weeks, respectively) trend lines are drawn. The…

S&P500 update: just a chart with facts

I.I. continues with the KISS principle. Here’s a weekly chart with bearish and bullish signals, as well as the outlook for the coming many weeks ahead. Given the preferred OEW-count I.I. carries (see here), you know which way I.I. expects this move to be: up. Break below SPX 1980 will invalidate this count and change…