My SPX 5/11/19 declared a Yellow Alert for US stocks, since then the SPX has remained below its all-time high made on 5/1/19. An important bottom could be made in the low SPX 2700 area by late May. Bullseye date is 5/31/19.
First a tip of the hat to Tradingview member and frequent poster The_Unwind. My post today was inspired by The_Unwind's 4/12/19 SPX post using a Point and Figure chart.
The_ Unwind is a very experience trader/analyst. I read all of The_Unwind's posts, you should too.
Point and Figure charts are similar to the Market Profile method which seeks to find value areas based on how frequently price will overlap a certain zone.
The greater the overlap the greater the value. Market Profile method states the price either moves towards or away from value. In the current situation the SPX is moving towards maximum value in the low 2700. If the SPX can reach this zone there's a very good chance support will hold.
A break below this powerful support would require powerful force. If the support can be broken there could be a very sharp drop down to SPX 2350 to 2400.
Follow up posts will be coming soon.
Mark
First a tip of the hat to Tradingview member and frequent poster The_Unwind. My post today was inspired by The_Unwind's 4/12/19 SPX post using a Point and Figure chart.
The_ Unwind is a very experience trader/analyst. I read all of The_Unwind's posts, you should too.
Point and Figure charts are similar to the Market Profile method which seeks to find value areas based on how frequently price will overlap a certain zone.
The greater the overlap the greater the value. Market Profile method states the price either moves towards or away from value. In the current situation the SPX is moving towards maximum value in the low 2700. If the SPX can reach this zone there's a very good chance support will hold.
A break below this powerful support would require powerful force. If the support can be broken there could be a very sharp drop down to SPX 2350 to 2400.
Follow up posts will be coming soon.
Mark