September 3, 2020

Market Update – September 3

SPY and SPX (looking at SPX today to show more price history) traded through the line off of the January 2018 and February 2020 highs today. Let’s see where we finish the week though. Extending the line back in time reveals a lot of important pivots around or right at the line…I call this an ‘angle influence’. The monthly chart below shows that the line tags the 1932 and 1942 lows as well! Finally, I’ve shared several charts of tech names that made bearish volume reversals today (tech has been the high flyer).
June 25, 2020

Market Update – June 25

SPX initial downside focus is 2888, which is 2 legs down from the June high and a well-defined horizontal level. Notice how price churned around the red line on this chart for most of June before turning sharply lower today.