The Nasdaq Composite Index (COMPQ) broke down on the 3rd consecutive distribution day. This move was easy to see coming based on the price and volume of the past week.
The SP500 Equal Weight Index (SPXEW) has broken through a Gann angle and is heading for the next angle lower. The SPXEW price is headed for the 1:1 angle.
The Value Line Arithmetic Index (VLE) chart is at the 2:1 ascending angle but will most likely move down to the 1:1 angle as the total market falls.
Charts courtesy of Stockcharts.com
These angles are not my predicted low, but only a place to recheck the price and volume and swing charts to see if the trend will change at these angles.
Tags: Gann Angle Fan · Square of Range · Standard and Poor's 500 (S&P500) · Value Line Arithmetic Index (VLE)No Comments
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