Comments on: S&P 500 & Nasdaq 100 Testing Bullish Falling Wedge Patterns

By: rsotc

rsotc — Fri, 03 Mar 2023 14:51:37 +0000

In reply to shannonp. Breakout. Those are bullish falling wedge patterns.

By: rsotc

rsotc — Fri, 03 Mar 2023 14:51:02 +0000

In reply to Mikeflegel. No, that's my longer-term outlook & still my primary scenario but the S&P 500 & Nasdaq 100 are still holding above key support on the daily charts & will need to take out those supports with conviction to kick off the next major leg down.

By: shannonp

shannonp — Fri, 03 Mar 2023 02:00:38 +0000

Randy, “Breakout soon?” Or you meant breakdown? On your last paragraph. Thanks

By: OM

OM — Thu, 02 Mar 2023 21:36:20 +0000

We may see rangebound action (3940-4030 range). the market may take direction after the release of Employment report on March 10th and CPI on March 14th. Let’s see how it moves before these reports and after. good luck!

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 02 Mar 2023 21:00:45 +0000

In reply to Jeff Vandenburgh. At the same time, treasury bonds and currencies aren't doing much to help support this rally, so far. If the equity rally has legs, then today should have also been the high for yields and for currency pairs such as USD/JPY.

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 02 Mar 2023 20:48:45 +0000

Building on this rally has the potential for indexes to make new higher highs, as they’ve now today put in higher lows. Gotta give the bulls the benefit of the doubt here, even if it was inspired by a non-voting Fed member’s comments.

By: budgetny

budgetny — Thu, 02 Mar 2023 20:17:00 +0000

In reply to Mikeflegel. The Bulls are trying so hard to bust through resistance. What suks, is they can pretty much do what they want heading into he close

By: Mikeflegel

Mikeflegel — Thu, 02 Mar 2023 19:48:33 +0000

Does this change the another leg down mindset. Thx

By: moshr0

moshr0 — Thu, 02 Mar 2023 19:46:07 +0000

Thanks for the update Randy!