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Strategies & Market Trends : Technical Analysis - Beginners
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To: Michael Watkins who wrote (11260)2/3/2001 10:59:42 AM
From: Trader X  Read Replies (2) of 12039
 
SPX getting a wedgie.

Rising wedge, a classic bear market rally stamp. But in this case I think the wedge is part of a reversal formation. The SPX needs to hold at about 1300 to make a case for a new uptrend being established. One day at a time is great, but it's good also to create a longer term hypothesis based on the evidence at hand. It's a given there will weakness near-term, the only question is how much. Do we get a new low, or a new uptrend?

a round of Sangria on me.
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