S&P500 - Trendlines using the Last Week of the Quarterly Range

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I don't know what to make of this, but I found it on April 24th and I saved it as a private chart because I didn't think it was anything really of interest.

It was just an observation and I've tried doing these lines with EARNINGS levels too, but I'm not one for trendlines in general because I don't believe people "THINK IN TRENDLINES".

Now that almost another month has gone by and the lines are holding, I am presenting the concept here.

The last weekly range of the quarter seems to have some impact on the next quarter. Go figure.



1:20PM EST May 15, 2017
Kommentar: CLICK ON "UPDATE IDEA" and see what you find.
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Still going, amazing chart
Perfect bounce off the red lines.
Already now can say it is mesmerizing
its close to 238 level in volume. Potential for a rise here?
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Wanna learn your thought process, as your posts are helpful for me. If trendlines are not within your methodology why even bother doing something with them?
timwest xiiimik
@xiiimik, I use trendlines for reference, not for decisions. I do have some perspectives using trendlines from "highest lows" to "highest lows" but I find 90%+ of the time that regular textbook trendlines end up shaking people out. So, technically speaking, I probably do use trendlines to find contrary setups.
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please stop this bullishness.... market needs some massive correction and bulls stop buying ridiculous pricings.... bears extinction means the end of civilization as we know it!!!
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timwest Reekardo
@Reekardo, It's just a pattern. I wouldn't call it "bullishness" @Reekardo. I do have a longer term projection for the market this year (that I made in late Jan, early Feb) that has the market going above the "Consensus" 2300-2400 range to draw people into the market, then to drop back down under 2200 by year-end to shake people out (even lower, actually). Have you seen any of my other market forecasts? If you google "Tim West TradingView 2017 Forecast" it will come up. All the best. Hang in there. There are always trade setups in all markets.
Well, i would not expect the price to go above or below the outer trend lines as it would be a out of the ordinary move. But definitely worth keeping an eye out
@2use, It's quite unusual isn't it. I am just following it and not "expecting" anything.