Click to enlarge The rising wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading
readIncluding after-hours and pre-market trading — a nice rounded top taking shape. Positive volume pattern was disrupted today on both SPY and XLF. Click to
readThe market is overbought and here’s my case — Click charts to enlarge $SPX Retraced nearly 100% XLF Looks good. Low-volume week and WFC pre-announcement
readBased on the assumption that financials may have reached their bottom (85% drop + XLF looks like it’s basing under resistance, depending on how you
readStill range-bound. R1 $84.48 S1 $82.50 R2 $85.37 S2 $81.41
readS&P 500 ($SPX) 2-year weekly chart of S&P 500 index Getting overbought, so we can probably expect some weakness in the next week or two.
readR1 $82.21 S1 $79.12 R2 $83.36 S2 $77.18 Wider range, something to work with.
readSeriously, just buy (I’m 60% long) R1 $79.79 S1 $77.88 R2 $80.78 S2 $76.96
readR1 $82.32 S1 $81.10 R2 $83.04 S2 $80.60 Click to enlarge
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