Saturday, August 8, 2020

Channel Within Channel

 SGS  Market Timer Status:  LONG 
LONG as of the close of Friday May 22, 2020
SGS is a Long-Term (weeks to months) Timer
Why Market Timing Is A Must

SPX is trading in a tight rising channel which is inside of a wider rising channel.  There is a good chance that SPX breaks out its smaller trading channel and moves higher to test the upper line of its wider trading channel around 3600 sometime this month.
SGS is long and heading higher, bullish.

Support and resistance levels for SPX for next week are shown above.

My Plan

Per my plan, I opened tow new positions in SPY and QQQ  on Tuesday.  I'm planning to open new long positions in SLV (5%), IWM (20%), and SPY (20%) sometime early this coming week.


SPX: S&P 500 Index    SMA: Simple Moving Average
DJI: Dow Jones Industrial Index    EMA: Exponential Moving Average
DJT: Dow Jones Transportation Index    PDL: Primary Downtrend Line
NAZ: NASDAQ Composite Index    PUL: Primary Uptrend Line
RUT: Russell 2000 Index    ASL: Active Support Line
OEX: S&P 100 Index    ARL: Active Resistance Line
NDX: NASDAQ 100 Index    DTL: Dynamic Trend Line   
TUL: Tentative Uptrend Line   TDL: Tentative Downtrend Line
TLR: Trend Line Resistance   TLS: Trend Line Support

Disclaimer: The views expressed are provided for informational purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.