The melt up we've all seen in SPX does actually "kind" of make sense, before most 10% corrections have happend in the last few years it has almost always had a melt up just before it fell in a rather brutal volatility, which i belive is what we're seeing here.
STOCH RSI indicates to a final 1-2% push, MACD also has room for a final push. RSI is showing a broken trend but if we look back to SEP 2020, it melts up then falls to create a new trend.
(I dont think we'll see a crash just yet, but a bigger correction to then an absolute final push later this year.) This could of course depend on rates and events but this is my map if not.
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It could as well ride the top trend for a few months, but I see it still doing a smaller correction before that then, (should be noticeable).
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Would you be a buyer here? This is SPX inverted.
Would you be a buyer here? This is SPX inverted.
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Lets not forget about VIX either, the divergence palace, looks quite ready for a bigger move does it not?
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SPX (1M) In Renko is only thing that still looks pretty good till 4300-400.
SPX (1M) In Renko is only thing that still looks pretty good till 4300-400.
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Looking about topped ~now