As a quick recap to orient you on the DAILY chart above: (1) the white channel runs from the February 2016 lows and has 2 touches on the top and bottom; (2) the pink channel starts in September 2017 and has contained prices since that time; (3) the 50-day moving average is indicated by the dashed blue line and the blue arrow; (4) the 200-day moving average is indicated by the salmon dashed line and red arrow near the white lower channel line.
The green arrow points to the top trendline indicating the 2016-2017 channel and is just above the $264 SPY level. This white channel line could very well be the target the pink channel is seeking to tag before the end of the month. If it continues until the end of the year in this pink channel, price will actually be forced above the white channel for the first time in over two years! If price exceeds the white channel on a closing basis, I would take that as a very strong signal regarding the overall strength of this market.
Enjoy the next PUBLIC post that will stand alone, so I will put the commentary here to allow it to remain as it was published. It was published in a dental oriented magazine known as CERECDOCTORS.COM and I want to thank the founder of the website as an inspiration to undertake this entire project: the website, the blog, and authoring articles on personal finance. It has been a great start and I look forward to offering this service for years to come. As the article states at the end, if you have any questions, feel free to contact me at ‘info @dentistmarketalert.com’. I’ve had many people reach out and ask questions, and I appreciate the opportunity to point you in the right direction or provide an answer when appropriate. Enjoy the post!