$SPX for the week 30 Apr 2018
….And the week ends around where it started, last week was up → down and this past week down → up. Trendless, sideways etc.
What can we take away though, if anything? If the test in the bottom green box was a “bear failure” then there needs to be some follow through from the bulls and break the 18 April high and get into the upper green box. It is slightly positive that the bears couldn’t gather downside momentum in the lower green box, but without the bulls buying this up from here, this is still in neutral territory.
Patience in these times is key, getting bullish or bearish without conviction and follow through is only going to chop away at capital.
This chart will remain as is with the lines and boxes until there is a change. The previous weeks posts explain the significance of these lines and boxes. If anyone is wondering about the trendline from the 26 Jan high that I have ignored! If broken it will give the same information as the lines and boxes in the chart…If it is valid and breaks there will most likely be a move into the upper green box followed by a few days of sideways (flag type) before breaking higher to test 2800 → 2880. A failure just goes back down.
Conclusion: No change, neutral and I am slightly positive seeing as there was a failure of downside momentum by the bears at the ±200 day, but the bulls need to back this up with follow through buying or that “slightly positive” is gone.
If you would like to see some of the current stocks that I am watching for shorter term trades contact me on one of the methods listed below. I am on the sidelines on longer term trades for now.
Hopefully the above helps you to further your trading. If you have any questions then please feel free to contact me on my FB page or email Miguel@TraderMig.com
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Good trading.
Miguel — TravelingTrendTrader
Email: Miguel@TraderMig.com
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