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S&P 500 VOOdoo

Published 04/18/2018, 03:00 PM
Updated 07/09/2023, 06:31 AM

I am kind of fascinated by this Vanguard S&P 500 chart, which is based on the S&P 500. Check out the red horizontal as well as that dotted trendline. Notice how prices are mashed just beneath them.

Vanguard S&P 500 ETF

Taking a big step back, you can see the dotted line is simply the midline of the channel I’ve drawn, which goes back about a decade. I would say that’s an important level of long-term resistance.

Vanguard S&P 500 ETF

On a slightly related note, below is ProShares UltraShort QQQ, the double-inverse-on NASDAQ instrument. I simply want to point out that green horizontal, which constitutes the price limit for the island reversal pattern (the value is 10.92). I am not going anywhere near this creature, but I simply want to say that if we hold above 10.92, this could be a very interesting reversal higher.

ProShares UltraShort QQQ ETF

Latest comments

there's nothing to do ... the bear market is here !!!
yes
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