Monday, June 29th. - Stock Trends, Charts, and Commentary (***If you see last week's Monday Update do a refresh: Click Here)
Update: Caution area for the SPY ...
The chart below shows the Weekly SPY going back to 2008. Alan Greenspan expressed it well when he said the "best bang for the buck is a rising stock market" ... and so it has been. What about the natural ebb and flow economic cycles that we have normally had in the past?
Note the pattern that the Weekly SPY chart is showing below. The pattern is called a rising wedge because it becomes narrower as the market moves higher. This pattern keeps moving up ... until it fatigues and breaks to the downside. This particular pattern historically has had sharp down moves when the pattern finally ended. Note how the SPY is very close to the support line ... this is a high risk area. Please see the second posted chart below ...
This chart is simply a close up of the above chart. However, do not neglect what it has to say: The SPY is in a large trading range while it is also getting close to the rising wedge's support line. Currently, the SPY is in a sideways trading range as depicted by the thin blue support and resistance lines.
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