S&P500 Monthly chart long ranger
The month just turned over, and perhaps it is time to check out the long range charts to have an idea of what might be heading our way.
The chart's most immediate feature is the bearish candlestick of September which lies inside the bullish candlestick of August. This pattern is typically a reversal pattern with the following month down to form the Three Inside Down. While this is a slight variation (the shadows overextended), it remains bearish biased on a couple of observations; the candlestick pattern is formed at the resistance of a widening wedge and the MACD is stalling.
The Bull case and Bear case resistance support levels are highlighted in the chart, with a range of 200 points, marked out by the green and red lines.
The ket level is 3265, and if October closes above or below 3265.
One thing is obviously certain here... There will be increasing volatility over the years to come. Just look at the widening wedge!
The chart's most immediate feature is the bearish candlestick of September which lies inside the bullish candlestick of August. This pattern is typically a reversal pattern with the following month down to form the Three Inside Down. While this is a slight variation (the shadows overextended), it remains bearish biased on a couple of observations; the candlestick pattern is formed at the resistance of a widening wedge and the MACD is stalling.
The Bull case and Bear case resistance support levels are highlighted in the chart, with a range of 200 points, marked out by the green and red lines.
The ket level is 3265, and if October closes above or below 3265.
One thing is obviously certain here... There will be increasing volatility over the years to come. Just look at the widening wedge!
