Sentiment and Momentum Indicate SPX Bottom on 8/15/18
My prior SPX post noted that a bottom could have been made on either 8/10/18 or 8/13/18.
The decline lasted a little longer and has not reached the primary price target, but the evidence of a bottom today is stronger
than what I noted in the last post. Today the PC ratio reached the highest level since the early February bottom. Additionally
the 30 minute RSI has a significant bullish divergence.
The original price target for a bottom was SPX 2790-2791.
Today the low was at SPX 2802.49 very close to the top made on 3/18/18 at 2801.90.
The New Moon made on 8/11/18 was not a factor because todays bottom is outside a reasonable leeway for the lunar cycle. I use a leeway of plus or minus two trading
days from a new/full moon.
There is a very high probability an important short term bottom was made on 8/15/18, the next rally has a very good chance
of at least reaching the low 2900 area.
Mark
The decline lasted a little longer and has not reached the primary price target, but the evidence of a bottom today is stronger
than what I noted in the last post. Today the PC ratio reached the highest level since the early February bottom. Additionally
the 30 minute RSI has a significant bullish divergence.
The original price target for a bottom was SPX 2790-2791.
Today the low was at SPX 2802.49 very close to the top made on 3/18/18 at 2801.90.
The New Moon made on 8/11/18 was not a factor because todays bottom is outside a reasonable leeway for the lunar cycle. I use a leeway of plus or minus two trading
days from a new/full moon.
There is a very high probability an important short term bottom was made on 8/15/18, the next rally has a very good chance
of at least reaching the low 2900 area.
Mark
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.