The latest cycle in the massive 15-year megaphone wedge on the SPX completed today when we closed at SPX 1,593. SPX 1,593 is the EXACT level of the resistance trend line that extends from the 3/2000 and 10/2007 tops through today. You can use either the closing highs or intraday highs on 3/2000 and 10/2007 to draw this resistance trendline. REMARKABLY the resistance trendlines drawn using these two methods intersected today for the first time since 2007 at, you guessed it, SPX 1,593. Combine that remarkably anomaly with the fact that SPX 1,593 was reached on a multi-day blow-off top on zero positive news and I have the evidence I need that this is more than a coincidence. The top is in.
THIS POST IS NOT INVESTMENT ADVICE AND IS THE PERSONAL NON-PROFESSIONAL OPINION OF THE AUTHOR.
Pumping out more bait for the fish......that's very nice...except at this point most fish should realize the technical indicators lost meaning more than 100 S&P points lower. Anything goes now...do you sell?..do you buy?...there's no way to know. If an indicator works for you tomorrow, it probably won't the next day. The best advice would be to dump long positions, if you're still holding, and STAY OUT!