All numbers refer to SPX
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Volatile action at new all time highs with a look high, some heavy selling and a recovery.
On 14 October the market makes another S/T Buy Signal (above 4374) and proceeds rapidly higher into the next important projection for a high achieved on 21 October.
After an extensive period of consolidation the recent move looks like another important thrust higher.
Should we expect further highs?

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Very strong price action and a rapid recovery of all of September's decline would suggest a continued grind higher with marking out of the higher range, profit-taking, re-cycling and buying of the dip into price exhaustion before the next consolidation phase.

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The T volume oscillator 1 made a Buy Signal on 05-06 October with the rise in the oscillator above the declining cash build up line2 of the oscillator, and this was an early warning that the market was preparing for a recovery, displaying signs of bullish divergence with a lower low in price and a higher low in the oscillator.
The oscillator projects strength from the previous oscillator highs into the next series of highs via the oscillator lows, and the price highs project strength from the previous price highs into the next series of price highs via the price lows. These projections are the T structures which project highs currently and in the next few days, and then further out into mid November.
We should therefore watch for deterioration in the oscillator, relative to price, as the market moves into the projections for highs.
1 The T volume oscillator is an indication of Buying Power within the market as a whole
2 The cash build-up line is a declining line drawn above a series of lower highs made in the oscillator.

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In the weekly chart, we can see that price continues to be strong with a bounce off the 4300 area and a re-test of the previous all time high - a new small T which may of course become a continuation of the large structure.
If the large structure centered at the March 2020 low is still larger, we can project the next major highs for early January, early April and mid-late May.
The rising line under the recent lows would be an important support line, and a significant break would be a serious warning.

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The monthly chart shows the high in late August / early September which was in-line with the projection for a high from the large T Structure centered at the March 2020 low. However something is pushing the market higher and the next projections from the large structures is into March and May of 2022.
Unless we see a rapid decline from this month's recovery we should expect consolidation and further highs in due course.
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2021 continues with a range that has become increasingly expansive since the move above 2500. With price above 4500 we can only assume that this will continue. This is a Brave New World and we should trade accordingly.
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Regardless of whether the market can continue higher or whether significant lows are ahead of us, the simplicity of the proprietary price based S/T Signalling System will continue to keep us on the correct side of the market, with price currently back on a Buy Signal since moving above 4474 on 14 October 2021.
If you would like to learn more about using the S/T Signalling System please get in touch.
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Disclaimer: This is the diary of a personal trading system, its methodology and the signals that it is producing. You are welcome to follow along but please understand that the information presented here is for educational purposes only. No recommendations are being made to buy, or sell stocks, options or futures contracts. Please consult your own financial advisor before making any investment decisions.