Rarely Do monthly charts. I'm a day trader so I just need enough direction for a few hours.
Something important happened today though.
I have outlined SPX bull channel since 2009. As you can see, Because of QE and zero interest rates we went parabolic for 2020-2021.
This last year we've seen a pullback and retest of that channel with our OCTOBER low.
Since October we have bounced and formed a bear pennant which I've outlined in white.
The support of that bear pennant was breached this week.
I think we are in the process of now correcting back to test the top of that monthly channel again at around 3700 by mid or early April ...
Eventually we will pullback inside that channel.
TA 101
Something important happened today though.
I have outlined SPX bull channel since 2009. As you can see, Because of QE and zero interest rates we went parabolic for 2020-2021.
This last year we've seen a pullback and retest of that channel with our OCTOBER low.
Since October we have bounced and formed a bear pennant which I've outlined in white.
The support of that bear pennant was breached this week.
I think we are in the process of now correcting back to test the top of that monthly channel again at around 3700 by mid or early April ...
Eventually we will pullback inside that channel.
TA 101
