My buddy and stock market analyst with Market Club, Adam, is going to share with you his analysis of the S&P 500 chart.
You already saw my interpretation of the S&P 500 chart and forecast for July hence why am I showing you an additional technical analysis video on the S&P 500 chart?
I am of the attitude that you can not check out enough technical analysis videos. Every person has their individual technique and approach when evaluating charts of stocks therefore aim to see as many technical analyst vids as you can. One technical analyst may concentrate on something that a different stock analyst only briefly talks about.
Take notes of the familiar threads or main points you see and hear mentioned in different market analysis vids. You will find that when 2 or 3 different stock analysts talk about the identical thing in a chart, it’s a great idea for you to keep your eye on that particular chart pattern or price level.
If you are a technical analyst yourself, and I wish you are as my objective is to educate you as much as I can on how to become one, then watching technical analysis videos from various market analysts will help you in your own stock trading and in making your own content for your website, video, or just to chat about with folks.
In this episode, Adam takes a swift look at the S&P 500. He plots three moving average lines: the 50, 100, and 200. Adam did this video on June 30th and he talks about the Burial Cross that all technicians are keeping their eyes on: the 50 day moving average breaking below the 200 day moving average. Seeing as this video was prepared on June 30th, we have had a Burial Cross since which implies now is a fantastic moment to short this market.
The Trade Triangle grade on the S&P 500 is -90 which suggests a powerful downtrend.
If we do a Fibonacci Retracement of the bull run that began in March of 2009, then a 38.2% retracement is at 1011, a 50% retracement is at 947, and a 61.8% retracement is at 883. Those are our 3 support levels on the way down. Adam’s view is that we are headed to the 50% to 61.8% retracement area between 947 and 883. If Adam is right, we both are in place to make a lot of money on the short sell side. Keep in mind also that 70% of all Fibonacci Retracements fall between a 50% and 61.8% retracement area.
To watch the video talked about above go to Mind Blowing Stock Chart Pattern
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