The pitchfork that draws my attention is the one that remains in place in the chart of the S&P 500. Seen in the weekly chart of the S&P 500 below, the Andrew’s Pitchfork has held up for over 6 years.
Since demarking the Upper and Lower Median Lines, the S&P has rode higher within the two ‘tines’ of the pitchfork. Early 2016 was a test as it fell out of the pitchfork. But it did not even come close to the Hagopian Trigger Line (blue), where a long term short would trigger. Instead it did not even retrace to the 200 week SMA before jumping back into the pitchfork.
All the while the S&P 500 has been accumulated. Momentum has gotten hot and a pullback could certainly occur. Or as the S&P is at the Median Line, it could correct through time, moving sideways until it hits that Lower Median Line again. What is clear is that the trend remains up.
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