Today is Sat, November 18, 2017 7:15:23 GMT
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Contributors S&P 500 is Turning Into One Ugly Chart

This year will go down in history was one of the most volatile ever. The stock market has been crazy. There’s an ongoing tug of war between bulls and bears. You can see that battle going on in the daily chart of the S&P 500 index.

It’s forming a big symmetrical triangle. This consolidation area indicates uncertainty. Buyers and sellers are fighting for control of the market. Who will win this tug of war?

Keep an eye on how this triangle will develop. A breakout of this triangle will likely lead to a big move in the market.

Some analysts have been betting on an end of year rally. But things are not looking good. With the S&P 500 trading below its 200 day moving average, there’s a good chance the market will remain weak.

In the last few months the index failed to break above the average not once, but three times. This is a bad sign for the bulls. It indicates there’s a lot of selling pressure. I suspect the bears will win this tug of war.

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