SMC Update 10-19-21

10/19/2021


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RichB
RichB

Exceptional SPX and NDX discussion. If the NDX rises above the continuum in the next 1-3 days, my belief is we will see new 52 week highs in both the SPX and NDX.

spencerdavis2000
spencerdavis2000

thanks Peter

m.hol228
m.hol228

Thank you Peter, also for looking at Bitcoin. Can you please also include PM’s / Gold in your future updates?

Jon
Jon

Thanks Peter

nimishtrading263
nimishtrading263

Hi Peter. Many thanks for your continued efforts. I especially love the longer offsets for judging the potential for big moves. I have just been drawing a channel on the NDX log chart which joins the March 2009 low to the March 2020 low for the lower TL. Upper TL of the channel only goes through the recent ATH in September. Observe how price reacts to the mid-channel line over the years since 2009! Now the bottom TL of the channel is in the low 9000s in January. There is also the 100 week offset there in January, which I am hoping will get tested once again like in March 2020! Exciting times for sure.

Optimus
Optimus

nimishtrading263 said:

Hi Peter. Many thanks for your continued efforts. I especially love the longer offsets for judging the potential for big moves. I have just been drawing a channel on the NDX log chart which joins the March 2009 low to the March 2020 low for the lower TL. Upper TL of the channel only goes through the recent ATH in September. Observe how price reacts to the mid-channel line over the years since 2009! Now the bottom TL of the channel is in the low 9000s in January. There is also the 100 week offset there in January, which I am hoping will get tested once again like in March 2020! Exciting times for sure.

Thank you for sharing. I just checked too; interesting indeed. Also note today that the NDX was the weakest; it may be telling us something. We shall see!

nimishtrading263
nimishtrading263

Optimus said:

nimishtrading263 said:

Hi Peter. Many thanks for your continued efforts. I especially love the longer offsets for judging the potential for big moves. I have just been drawing a channel on the NDX log chart which joins the March 2009 low to the March 2020 low for the lower TL. Upper TL of the channel only goes through the recent ATH in September. Observe how price reacts to the mid-channel line over the years since 2009! Now the bottom TL of the channel is in the low 9000s in January. There is also the 100 week offset there in January, which I am hoping will get tested once again like in March 2020! Exciting times for sure.

Thank you for sharing. I just checked too; interesting indeed. Also note today that the NDX was the weakest; it may be telling us something. We shall see!

Pleasure, Optimus! I thoroughly recommend drawing lots of parallel channels with their middle line on a log chart for the main indices - DJIA, SP500, NASDAQ, Russell 2000 using Tradingview and Investing.com. It's a reeeeeal eye opener! You can draw one stretched across 130 years on the DJIA and you can also draw then over decades, years and months for all of them. The important thing is the middle line and often how price reacts to it. I wish we could post screenshots here because I don't publish my charts using Tradingview otherwise I could post a link here.

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