Watch This Key SPX Resistance Level This Week – Mike Swanson (05/07/2018)

Yesterday I sent you an important interview I did with Ike Iossif about the triangle breakout pattern now forming in the markets:

http://www.wallstreetwindow.com/2018/05/can-the-stock-market-break-to-the-upside-now-market-analysis-with-ike-iossif-mike-swanson-05-06-0218/

Everyone is watching this chart formation and I have to tell you I can’t remember a time when I have seen EVERYONE excited coming into a week predicting a stock market rally.

EVERYONE is expecting the triangle to be broken.

Here is the simple pattern on this technical analysis chart:

I think the key S&P 500 to watch is now 2700 as that’s roughly the high of April and is the last high in the market.

Some people are going to be buying right off the open if the market goes above the trendline on this chart.

If he market closes above it people will come home tonight and see that and buy tomorrow.

But if it closes above 2700 you’ll see more people come in and buy. 

The question is how much fuel will such buyers have?

 Ike shared with me his proprietary money flow indicators for the stock market that help to answer this question.

 

Along with this interview I got Ike to agree to a special one time discount to get into his premium service.  That discount ends tonight at midnight so grab it by going here:

http://www.wallstreetwindow.com/mviewsjoinoneyear.htm

-Mike Swanson



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