The key trendline from last year re-asserts itself in the S&P
We made a lot of money trading this trendline last year, especially in April - October. Swing trading becomes easier when we identify the market's predominant price strucuture.
And now it looks like the predominant trendline from last year is back in action, giving us a swing high today (today the S&P Futures closed with a Key Reversal Candle, which is a bearish engulfing candle that happens at the current highest price in an uptrend).
If last year's big trendline is asserting itself again, it is likely to form into a parallel channel like it did last year. The bottom rail of that channel is shown on the chart above.
And now it looks like the predominant trendline from last year is back in action, giving us a swing high today (today the S&P Futures closed with a Key Reversal Candle, which is a bearish engulfing candle that happens at the current highest price in an uptrend).
If last year's big trendline is asserting itself again, it is likely to form into a parallel channel like it did last year. The bottom rail of that channel is shown on the chart above.
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