A Technical Tour with Frank Cappelleri
Jul 16, 2026 · 42 min · 12 segments
Book your SPOT for TG Macro Conference II - https://tgmacro.com/conference/
Jul 16, 2026 · 42 min · 12 segments
Book your SPOT for TG Macro Conference II - https://tgmacro.com/conference/
Tony GreerHost
Frank CappelleriGuestJared DillianHost
Which chart do you wanna look at first? You supplied us with some of your Picassos, which we asked for, and we're gonna flash them up on the screen as you mention them.
I wanna look at the first one, which shows the bullish pattern that has been formed just over the last few weeks, and we're comparing it to what it looked like back in the end of 2025 as well.
So as you can see here, we know that recently S&P made its last high at the end of May, beginning of June.
And from that point, it's been kind of just a number of few weeks of consolidation.
And the way I look at this, I can really take apart this chart and detect three different bullish patterns.
I look at this as a continuation pattern, so I'm always erring on the side of that, right? Continuation patterns over reversal patterns.
But at the same time, we have to be cognizant of the fact that it could fail.
Remember, if you recall, in October of last year, we had that, that spike in the middle of October on the same day that the three or four of the Mag Seven, uh, stocks reported spiked higher, and that really marked the top, right? The S&P came down from there, but again, formed then a bullish pattern, looks like an inverse head and shoulders pattern to me over there.
You know, I had a bullish pattern target, you know, still in play for up until, like, January or February, but it just kind of worn out its welcome.
So if we go to the next chart, I think it's important to realize, like, just exactly- Why that happened.
And below that in the second panel in green is the S&P 500, the advanced decline line.
Which chart do you wanna look at first? You supplied us with some of your Picassos, which we asked for, and we're gonna flash them up on the screen as you mention them.
I wanna look at the first one, which shows the bullish pattern that has been formed just over the last few weeks, and we're comparing it to what it looked like back in the end of 2025 as well.
So as you can see here, we know that recently S&P made its last high at the end of May, beginning of June.
And from that point, it's been kind of just a number of few weeks of consolidation.
And the way I look at this, I can really take apart this chart and detect three different bullish patterns.
I look at this as a continuation pattern, so I'm always erring on the side of that, right? Continuation patterns over reversal patterns.
But at the same time, we have to be cognizant of the fact that it could fail.
Remember, if you recall, in October of last year, we had that, that spike in the middle of October on the same day that the three or four of the Mag Seven, uh, stocks reported spiked higher, and that really marked the top, right? The S&P came down from there, but again, formed then a bullish pattern, looks like an inverse head and shoulders pattern to me over there.
You know, I had a bullish pattern target, you know, still in play for up until, like, January or February, but it just kind of worn out its welcome.
So if we go to the next chart, I think it's important to realize, like, just exactly- Why that happened.
And below that in the second panel in green is the S&P 500, the advanced decline line.
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