SPX - The top is in!

10月14日

Hi ya traders,
Everything sure looks bull huh? Bet you even heard some strong bears switching to the bull side recently. 600 is in the bag they say! That's usually a warning sign :)

Anyways using fibs, trendlines, and patterns I show why I believe the Top could be in on the SPX. First the last three waves using fibs the 1.618's end right where we are now. Another big cool one is the 2008 crash fib is right here as well. It was at the 2022 tops as well. On many stock charts things look like the 2022 top (example Microsoft) . Also on Friday 10-11-2024 was the SPX 2007 ATH anniversary! Could we be topping on the same date? I say yes! Looking at Nvidia and many others that have recently held the market up they look like they are ready to head down as well. I also plot what happened after the ATH in 2007 on our current charts on the SPX.

Oh we also have rising wedge which we just hit the top of the trendline which goes back to august..so I doubt its going to break thru that here. This is a bearish pattern which usually breaks down eventually.

Now do I think we are gonna crash? No I don't think we will but you never know. I do feel we will have a decent pullback here. Could we still goto 600 and higher.. Sure.

Lets see what happens...