S&P price analog compared to 1987 post crash wall of worry climb
UPDATE from earlier post.
To date, this market analog has generally followed a similar path to that of the 1987 post crash wall of worry movement. If the market is going to carve out a wide range up trend channel then we could be at a medium term swing high and from here start an overall move downward to the lower channel line. Which would be around 2750-2700, take up the rest of 2018, and put the year end market gains around 1.5%. Barely above where the year started.
Though that's only roughly %4.5 lower than where we currently sit, the effect would most likely turn the Financial media and social FinTwit crowd into a fully bearish position. And at that point the market would then be primed to make a swing bottom, marking the lower channel line and continue it's march higher into 2019...
A contrast to this S&P scenario, I can also see the
NDX
moving 10% higher than where it currently sits, based on this QQQ pattern.
... just some thoughts to ponder. :)
chow
To date, this market analog has generally followed a similar path to that of the 1987 post crash wall of worry movement. If the market is going to carve out a wide range up trend channel then we could be at a medium term swing high and from here start an overall move downward to the lower channel line. Which would be around 2750-2700, take up the rest of 2018, and put the year end market gains around 1.5%. Barely above where the year started.
Though that's only roughly %4.5 lower than where we currently sit, the effect would most likely turn the Financial media and social FinTwit crowd into a fully bearish position. And at that point the market would then be primed to make a swing bottom, marking the lower channel line and continue it's march higher into 2019...
A contrast to this S&P scenario, I can also see the
NDX
moving 10% higher than where it currently sits, based on this QQQ pattern. ... just some thoughts to ponder. :)
chow
