Dude … Where’s My Car??

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

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