Is The Quad Top in the Market The Ultimate Sell Signal Again
I wrote about the coming Quad Top resistance point a few days ago (linked to this Idea). I said it would present itself within the next few days and it has done so today. The question is what will occur over the next few days? We have also hit the 200 day SMA again (we bounced off it a week ago). Will we push higher through this too.
As my previous idea stated. The fourth time this Quad Top resistance has been met on the 5 occasions since 2000 on S&P 500, the market has declined sharply. We are also fighting to stay above the 200 SMA again. Failure to stay above these levels in the next 3–5 days could confirm a steep decline is in the offing.
We will see what happens, but I am positioned for the decline based on history, the end of earnings season, and zero trade deal ratifications in sight.
Please share your thoughts!
Source: cguthrie922
