$SPY, $QQQQ, $AAPL Rising Wedges
Yet another “inflection point”. SPY and QQQQ closed at new highs today, so performance-anxious and technical buyers will probably come in. Still, how about a little pullback?
Those huge rising wedges look bearish, but as two potential head-and-shoulders patterns have been negated in the last few months, it can happen again. Patterns are made to be broken, I guess.
Click charts to enlarge
[[spy]]
[[qqqq]]
[[aapl]]
Hi, I think the charts look like bear wedges too. But, if you add a year to the same charts the bear wedges look like inverted head and shoulders. I think the chart patterns are secondary to the larger trends. I think right now the best items to follow are the yield curve, the bond/stock ratio and the ECRI leading indicators. They all point to recovery.
Hi!
Did you close or move your blog?
I’m not looking to build a big bear case, just hoping for a pause so I can buy lower 🙂
hi, I changed to blogspot. Also, I’ve been bad about updating lately.