2/20/20 Top Just Flagged!

2/21/20 11:20am EST.  A deeper study may be pointing to something significant occurring. So far today there is follow-through to the downside and still showing some optimism in the global trading signal so not much fear in that indicator yet.

2/21/20 07:46am EST.
Waiting for the market to confirm the top flag or otherwise (see the price charts lower down).

Global Trading Signal: signal is reading 'Elevated Optimism' (buying the dip with high expectation for a big move up now)

Another look at the weekly advance-decline for some perspective-

The MACD signal at -165 ('A') is very close to the value on 12 Nov 2018 (cursor cross-hairs) and most other critical values ('B') are at a similar juncture except the price decline at 'C' may not quite fit so far.

2/20/20 04:58pm EST. (corrected at 06:25pm)
The ES chart may be telling- the retrace so far has stopped a whisker short of the red arrow low and there may be another target pending at 3318.0 zone.

2/20/20 03:40pm EST.
Potential 'retrace' targets S&P 500: If the first leg down has completed, it could take more than a day or two to complete a deep retrace.

2/20/20 02:40pm EST.
Global Trading Signal: likely moving towards 'Optimism' which would support buying the dip but may only produce a retrace top. We will see how it plays out.

2/20/20 01:14pm EST.
Retrace has begun. Typically there would be a deep retrace of the first leg down. Anything more may invalidate the flag.

2/20/20 02:11pm EST. S&P Chart: (lower target zone hit- first leg?)

2/20/20 12:27pm EST.
Global Trading Signal: is changing aspect from 'Max Optimism' earlier today. (Less optimism often revolves around a short-term bottom)

2/20/20: 11:40am EST. Top flagged- strength is orange level 1 (previous top on 1/25/20 was orange level 2). Red flag is strongest.
The signal triggered after the 3396.75 zone mentioned below from 2/19/20 showed resistance.
A deep retrace up might be expected after the first leg down hits a target (as yet unknown).

2/20/20 10:00am EST. Market Open Update:
Global Trading Signal: 'Elevated Optimism' - patterns may be signaling the first phase of a 'Max Optimism' condition. ('Max Optimism' is required to establish a top)

Original post-
2/19/20 09:50pm EST.  Potential price alignments..

Notes on chart figures:

3396.75 zone - is the value from the daily plot (lower chart). Looks like that zone is creating some temporary resistance overnight. The remaining values are from using the up arrow (cyan) fib extensions terminating with 3412.00 zone. Let's see if they have any real meaning by the end of this week. Referring back to the advance-decline effect mentioned earlier- possibility of down or flat day today and then an up move tomorrow or next week (or sooner?) into a final price somewhere higher (3412.00 or more?).

The bots will flag a "V" when they see a top. 
Our favorite go to site- McVerry Report
This information is for entertainment purposes only. Financial loss can occur from investing