From: Henry J Costanzo | 5/9/2020 10:11:28 PM | | | | $SPX update:
I had thought that the rare Fan Principle corrective pattern might be forming, but that was not so..
Some modest advance was seen, and that was enough to bring about a second bullish pennant breakout since early Apr..enough to now activate another measured move towards 3225ish...
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To: Henry J Costanzo who wrote (209803) | 5/10/2020 1:27:34 AM | From: humble1 | | | This is excellent work. Been watching the exact same thing meself. The 2nd pennant ended right on a full moon. The ensuing gapper upper on 5/8 is perfect and the strong futures close is ideal as is the sentiment background:
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From: Henry J Costanzo | 5/17/2020 3:35:23 PM | | | | Not unexpected to see both the Index and its weightiest single issue track each other rather closely within the recent volatility stemming from the unpredictable COV-19 exogenous catalyst.
I'd look for a continuing hold above their current uptrend support areas from Mar and Apr lows....and extensions towards their activated measured moves at 3224ish and 305ish.... |
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From: Henry J Costanzo | 5/25/2020 11:05:53 AM | | | | SPX update:
Charts of SPX and of major leading issues continue to show the considerable correlation mentioned earlier...thus suggesting completion/confirmation last week of another bullish pennant formation measurable to 3225ish.
Coming week should find horizontal support area at 2875ish and uptrend support area at 2850-2825ish, while facing an overhead resistance area around the aforementioned 3225ish..
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