The chart below is notated and self explanatory. If one feels like the “markets” have done nothing for months – it’s because they haven’t. But that doesn’t mean something won’t, for the technical pattern that has not fully developed argues that a major move is about to. The only thing now is which way.
The technical pattern is called a “Diamond.” And you can instantly accrue why. From a technical analysis viewpoint, these patterns are very informative because they show in detail what is also known as: indecision. Some people call it “consolidation.” Yes, it does fit that term, but it’s the shape of the pattern that gives it more detail and is why it takes a trained eye to not just see them, but to wait with patience to see if they are, indeed, playing out.
Now since I’ve pretty much solidified my prowess and more regarding technical analysis over the years. I’ll just leave you with this – this is one to painstakingly watch moving forward. For it can resolve itself into a direction at any time now and out-of-the-blue.
Here’s that chart, it is of the S&P 500™ via 15 minute increments as of today at 10:15ishAM ET to wit:
As always, we shall see.
© 2023 Mark St.Cyr
Note: This is not trading or investing advice of any sort. This commentary is for “big picture” discussion purposes only. Please read, or re-read the “About This Site” page for any questions or clarifications.