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Thursday, March 28, 2024

Sunday morning observations

Welcome to Michael Eckert!  Michael posts excellent charts plus accompanying analysis at his new site: EW trends and charts.  He combines Elliot Wave Theory with Classic TA.  For intra-day updates, click here). – Ilene

Sunday morning observations

Courtesy of Michael at EW trends and charts

Not sure if that is any better then Monday morning quarterbacking. I brought this one out of my vault of super-secret and private stash of charts that only Anchak has laid eyes on. This one came about from the both of us playing with different indicators and tweaking them to get the most out of them. The one that caught my eye this morning was the RSI, adjusted just right, it has been a good and reliable indicator for showing trend changes in the SPX, by following the changes of trends in itself. Unbelievable how over-bought it has gotten in the last month, and now showing a definite trend change to the down side. When you couple the RSI with the MACD, and the Histogram, things are starting to point to a change coming soon, if it has not already changed. The Histogram has been in a negative divergence for the last month, and has its first red shoot, breaking below zero last week, while at the same time the MACD has also turned to the downside and crossed over, peaking last week. The MACD, a lagging indicator (used together with the histogram it can be used as a leading indicator) also showing a change is taking place. I am not ready to officially call that the top, I will leave it to you to make your own decisions. I am just sharing my Sunday morning thoughts with you. Hope you are enjoying your week-end!!
PS.-I moved this chart to the public list if you are interested in following it 🙂

$SPX chart

[click on chart for larger picture]

Monday morning follow-up:

$SPX

[clicking on chart will take you to another page with a larger image of the chart about half-way down and a series of other charts by Michael]

 

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