The S&P 500 respected resistance at 1475 and is testing support at 1430. The Dow displays a similar formation with support at 13300. Breakout below 1430 would complete a double top, warning of a correction. Reversal of 21-day Twiggs Money Flow below zero indicates rising selling pressure. Respect of support is unlikely but would suggest an advance to the upper trend channel.
* Target calculation: 1420 + ( 1420 – 1280 ) = 1560
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.
The very next time I read a blog, Hopefully it doesn’t fail me as much as this one. I mean, Yes, it was my choice to read through, nonetheless I actually thought you would probably have something interesting to talk about. All I hear is a bunch of moaning about something that you can fix if you weren’t too busy searching for attention.