Chaster

[Chaster @chestdawg]

There are usually around 2 pullbacks in the market each year. We have yet to have one this year. The current pullback is at about 4.2%. You might see support on the SPX at around 5000 which is a 5.2% pullback.

[Chaster @chestdawg]

The current bull market has only been going on for 4 months.

[Chaster @chestdawg]

The 2020-2021 Bull market lasted 22 months

[Chaster @chestdawg]

I'm not ready to panic...yet. Let's hope it holds support.

[Chaster @chestdawg]

Finaly a breakout from consolidation. Don't be surprised if there is a pull back to 4800 on Monday. If that holds then we could be off to the races.

[Chaster @chestdawg]

At this point SPX is still in "consolidation", only pulling back about 2%. If it breaks 4700 next support is 4600 (a 4% pullback). After that it's 4540 which takes you into correction territory.

[Chaster @chestdawg]

IWM (Russel 2000 ETF) is trading at the top of a 2 year range. Will it break out or fall back?

[Chaster @chestdawg]

As TNX (10 yr bond) continues to fall, TLT should continue to rise.

[Chaster @chestdawg]

SPX is consolidating at a support level of 4540, but the RSI is still over bought. Keep a sharp eye on it.

[Chaster @chestdawg]

SPX bounced off old support only 50 points from where the head and shoulders pattern predicted it and had two really good weeks. Blowing through both the 200 day SMA and the 50 day SMA. Don't be surprised if we get a pull back. We got a higher high, will we get a higher low?

[Chaster @chestdawg]

On Sept 26 I posted a chart showing a head and shoulders patter that predicted a bottom of 4050. There is support at that level and it's starting to look like we are about to reach it.

[Chaster @chestdawg]

As the 10 year treasury bond jumps higher, TLT (the 10 year bond ETF) drops to near 20 year low.

[Chaster @chestdawg]

After finding support near where the 200 day SMA crossed 4200, SPX is now finding support at the key level of 4340. The next hurtle is at 4400.

[Chaster @chestdawg]

Sometimes when you get a gap up with a large green candle, the center of that candle can become support. If it doesn't hold then the next stop is the 200 day SMA at about 4200.

[Chaster @chestdawg]

SPX completed the head and shoulders pattern. There is support at about 4200 from the 200 day SMA. After that the bottom projected by the head and shoulders pattern is about 4050.

[Chaster @chestdawg]

Really? Is there anything the Fed Chair said that we didn't expect?

[Chaster @chestdawg]

SPX has formed a classic pennant pattern which suggested a possible breakout. Up or down is yet to be seen so hang on to your hat.

[Chaster @chestdawg]

The SPX bounced off the 23.6% Fibonacci retracement at the exact point the 11-month diagonal support crossed that line.

[Chaster @chestdawg]

S&P500 is breaking out above the 68.1% Fibonacci