The $SPX is starting to hit it's old exponential support from underneath...This is technically interesting because, this is a first documented occurrence using exponential trendlines...
This is important, because in conventional technical analysis, this usually stops the rally from the first important decline from reaffirming the prior Bull trend...get my drift?
We'll see if it works the same way in this situation...
3 comments:
Hello Mark,
Could you please tell me if your exponential methodology would give an expected turn date that is sooner or later than it would be under a linear method and by about how much currently?
Thank you,
Gail
In looking at your current chart, I see the expected turn date would be later under the exponential method. Please let me know if I'm getting this right.
Gail
Hi Gail,
We'll have to see what transpires tomorrow but today, the 17th, saw the $SPX rise above it's exponential trendline at 1168.46 and then close below it...Now, tomorrow, if the price action on the $NDX also continues down, and travels well below it's exponential trendline, which will be at 1925.63, (and do it with volume),then the Bear should be back...
Regards,
Mark L.
Post a Comment