So far, the S&P is failing near former resistance and areas where it sold off strongly before as large sell orders came in. It's also failing just short of the 3000, round number, area. https://s3-us-west-2.amazonaws.com/maven-user-photos/seanhyman/fundamentals/IOSU6hIfr0e_ddd3b0bprg/E966pY-8dEmYhDPwnSAr8Q
Click on the chart to enlarge it.
I sure do appreciate these charts & the market insights that you provide.
Interesting that the chart shows a new high for the recent 1/3 of the chart, but a higher high is failing below your highlighted band of resistance. Great insight.
I was just listening to a commentary by one of the big banks/investment firms who believes a new market high is just around the corner. I was thinking "Yeah maybe, maybe not". Either way, you've prepared the way pretty darn well.
This is so cool to be watching as a logical investor, not one who is completely emotional. I'd never been introduced to Elliott waves nor charting before your newsletters; what a grand education you've provided.
As one who is rapidly closing in on retirement, you have been a true Godsend to my family & I.
Best Regards, Jon
Sean, your humble approach that you cannot call highs and lows is appreciated, but this this S & P call is as right on as anything you've noted. Very interesting as it's rejected the 3000 level time and again. This feels like we are teetering on the peak of a market, toggling back and forth ever so slightly lower. No one knows the future, but one push seems like all it will take.
Thanks. Yeah, no one can know ahead of time, but so far, this "breakout" rally doesn't seem all that strong and seems to be fizzling. It's rejecting 3000 (at least so far) and not near its highs.