cemagraphics
Summary
- The bigger picture remains bullish.
- Key levels to watch include 6124-6145 as a long-standing target and 6061 as near-term support.
- Exhaustion signals on high-timeframe charts have been developing since 2020 and due to complete in Q1.
- While this is alarming, price action is key and future articles will focus on staying with the trend until there is a clear indication of weakness.
The S&P 500 (SPY) closed another week at all-time highs, and as I’ve said on many occasions this year, that can only be concluded as bullish. Technical analysis may incorporate dozens, even hundreds of different methods, but the one I rely on.
Andrew McElroy is Chief Analyst at Matrixtrade and author of the ebook ‘Fractal Market Mastery.’ He has developed a unique system of technical analysis combined with an evaluation of market drivers to make high probability calls on market direction and reversal points. Andrew has been an independent trader since 2009 and manages a family portfolio of stocks and ETFs with his wife and fellow Seeking Alpha contributor Macrogirl.
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