The market hitting all-time highs here and pushing into the September monthly OpEx tomorrow has me updating my bigger view of the S&P 500 … Here are the charts:
S&P 500 Index – Monthly Chart
The people who think that the current levels in the market are good prices to buy the overall market at must not have looked at a monthly chart lately …
I can see that price has just pushed into a 1.272x – 1.618x extension target for BOTH PRICE AND TIME.
S&P 500 Index – Weekly Chart
If the monthly price structure is pushing into an area where resistance will hold, then the weekly chart should show us that completion sooner … I think that the weekly chart is also in the process of completing a 3-wave price structure here at current levels.
S&P 500 Index – Daily Chart
On the daily chart, we are basically touching the nice round number of 2500 right as we finish the monthly OpEx tomorrow … that has us making a nice little new minor high, which is what the market likes to do when it is completing a wave structure.
Bottom Line – I think it makes sense to get some inverse ETFs for my retirement accounts. At worst they will act as a drag on my overall portfolio that I continue to trade more on the long/bullish side for individual stories. I am using unleveraged ETFs here in Canada (HIU.TO) for my retirement accounts only.
Cheers … Leaf_West