John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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From: ajtj99	6/28/2013 10:09:15 AM
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GS, a key stock to watch for overall market direction, has a big negative divergence on the weekly MACD 12,26,9. That indicator also has a H&S top. I've found that H&S tops on indicators typically behave similarly to those on price charts. This is not good for the bullish summer case for US equity indexes. MMM, a key materials stock and Dow component, has a daily H&S top as well. During the US QE era begun in March 2009, I have seen far more H&S top failures than at any other time since I've been practicing T/A. However, unless the Fed keeps escalating QE programs as it has been doing since 2009, we may see formations begin to break to the norm in a more typical manner.

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