Is The S&P 500 Creating A Topping Pattern Like 2000 and 2007? (SPY)

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August 31, 2018 6:09am NYSE:SPY

From Chris Kimble: Did the topping patterns in 2000 & 2007 have anything in common? Yes, they did.


While the S&P was hitting nominal new highs in 2000 & 2007 at each (1), monthly momentum was actually heading lower at each (2).

Of late the S&P is hitting new highs, while monthly which was recently higher than the 2000 & 2007 peaks has been turning lower.

Odds of the S&P repeating the 2000 & 2007 highs? Low!!!

Impact if it would be topping again? High

Bulls might want to keep a close eye on what the S&P does in the next few weeks due to momentum turning lower.

The SPDR S&P 500 ETF Trust (SPY) fell $0.15 (-0.05%) in premarket trading Friday. Year-to-date, SPY has gained 9.22%.

SPY currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 149 ETFs in the Large Cap Blend ETFs category.


This article is brought to you courtesy of Kimble Charting Solutions.


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