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- Last Update: 2 February 2020, 15:16
This chart contains the weekly action in the $SPX since the 2009 bear market low. Following the 2016 bottom, the market ramped much higher in what was an unsustainable pace, climaxing in 2018.. Since the initial peak in January 2018, the market have traded in a volatile and broadening range. It has traced out what is known in technical parlance as a broadening top. Broadening tops are typically bearish, but I will keep an open mind. There have been a lot of factors at play here. We have a Fed that until December 2018, was looking to raise rates. Then they reversed course. The US/China have been engaged in a lengthy tit for tat trade war. That looks to be improving now. So, it looks as though we are breaking out the top of this broadening pattern and I will give the markets the benefit of the doubt here BUT I will keep in mind the unstable nature of the trading in the very recent past. In other words, I will hold this recently change of opinion to bullish with a loose grip. After all, it%27s our security we are playing with. You have to be willing to change your mind.
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