This blog is about how the world stock markets perform and which way they will take next.I have developed my own technical tools during 30 years to give the investor early warnings for coming big changes in the main trends and for the trader to take positions before the markets react.
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SP500 month, week, day, 2 hr and 5 min at Friday Oct 25 close.The close is an all time high above important resistance 755 at 759. If 755 holds, after an eventual retest, the next target is 789. The 755 was cleared definitely less than one hour before close in the US but it also ended as a double top with the intra day high. If you study the charts below carefully you will get a good overview of the technical situation. Monday will be of extreme importance from the start of trading at 00:00.
Month. Very strong uptrend
Week. Strong uptrend
Day. Trend is up but a double top so far
2 hr. Double top but 8 and 21 MA are very close and both is up which is a very strong sign.
5 min. Shows that 755 was definitely cleared 30 min from close. It is a five wave perfect uptrend from 17:00 with an explosive fifth wave - which can be the end of this short trend.