I thought it might be interesting to post the current Andrews Pitchfork chart of the daily S&P 500 to see what that tool might be indicating. To use the pitchfork tool, select a key low, draw to a key swing high, then draw again to another key swing low. Experiment with this and keep in mind the dominant trend, as to whether you’re looking to find a retracement or continuation move in regards to the trend.
In this case, the pitchfork is rising to reflect the underlying move up from the March lows. Say particular attention to the midpoint (50% line) of the Pitchfork for key support and resistance inflections.We just recently formed a doji which led to the end of the week brief rally which is challenging the 20 day EMA from the underside as possible resistance.Again, play around with this tool which is available on most charting packages for more insights.
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