Charts have been banging the upper Bollinger Band on daily, weekly, and monthly time scales, dumb stocks like AAPL and MSFT have gone parabolic, perhaps we need to take a breather and visit the 200 DMA later this week at ~2980.
|S&P 500 5-min, possible new channel|
Friday had an ambiguous close, but if this is our new channel, we could make it back to test the 200 DMA by this Friday. The 2008 tape suggests that could be a sharp bounce -- a gap fill back to 3183?
|S&P 500 daily with 2008 tape overlay|
If so, the next support would be 2725, presumably after "China trade" unravels. Then the next bounce would be the FOMC at EOM -- another sharp swing.