2020-10-18-SPX Trendline Analysis - Daily
The ADX continues to signal bullish price action to start the week. Price/volume picked up a distribution day, but the tally is still low.
2020-10-18-SPX Trendline Analysis - Primary C
I didn’t get a chance to research potential bull counts last week, so I’ve updated the prior charts.
2020-10-18-SPX Trendline Analysis - Primary 1The only hope for the bears is that prices fall past the 3200 level. If the S&P gets back to all time highs, it’s game over!
U.S. retail sales were unexpectedly higher last month, in spite of higher unemployment, lower hiring, and no stimulus package. On the downside, the second wave of the pandemic appears to be upon us, as cases throughout Europe and the US rise. A few vaccine trials have been paused due to health concerns, decreasing the likelihood that a vaccine will be available this year.
Best to your week!
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Once a year, I review the market outlook signals as if they were a mechanical trading system, while pointing out issues and making adjustments. The goal is to give you to give you an example of how to analyze and continuously improve your own systems.
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