Indexes Might be approaching Support

by YTLupo

i.redd.it/c5j2l8yz4qe31.jpg

If you have managed not to blow your entire trading account up. I have good news and bad news. The Good News is, There is money to be made. Bad News, it’s going to take some patience.

Let’s assume the market finds a new reason to stay bullish. Just keep in mind the macros are starting to really pile on here. Last thing we need is a currency war.

Anyway treading lightly on technicals let’s observe the following.

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If we take the absolute lows on US-based indexes from December of 2018 and treat these as outliers we get a clear channel of regression.

This occurs on

S&P 500 (SPX)
2,695

Dowjones Industrial Average (DJIA)
25,015

NASDAQ-100
7,071.

The Russell 2000 has been very stagnant making no new highs. Although it is approaching potential support (1,457)

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What does this mean?

I know the markets don’t have to do anything in all technically. If these levels hold, then great we have a buying opportunity, if not we will probably see a SPX retest the 200SMA (Weekly). If that doesn’t hold then eh, something wong.

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