Markets do not get where they are going on a preferred time frame or per individual desires. SPX could well be ready to use the Hammer candle as a boost upward within a bear flag. In this scenario, things would seem bullish for a while, sentiment would probably get adjusted to a degree (from over bearish) and the index would approach the 'best case' (beyond which the bear case is threatened) level of 1260.
SPX has long since registered the downside measured target off of the H&S, but that topping pattern still provides tons of resistance. Let's see what they cook up on 'jobs' and/or what the dike pluggers in Europe come up with. A great second chance to be bearish could crop up by October.
http://www.biiwii.blogspot.com
http://www.biiwii.com
SPX has long since registered the downside measured target off of the H&S, but that topping pattern still provides tons of resistance. Let's see what they cook up on 'jobs' and/or what the dike pluggers in Europe come up with. A great second chance to be bearish could crop up by October.
http://www.biiwii.blogspot.com
http://www.biiwii.com
Hey. Go google "Three Peaks and a Domed House".
ReplyDeleteIt's a 28-point chart pattern that rarely happens and takes years to play out. And we're on 27 right now. Target = S&P under 1000.