There's a H+S on the S+P with a neckline around 950???? WHY WASN'T I INFORMED??? <g>
Seriously though, Augie (and anyone else who might care), I had a few points. One, we keep going to 930-931 on the S+P and bouncing. It's happened 4 of the last six trading days. Everyone seems so focused on the neckline and various wedges that it seems to me like other, simpler forms of TA and observation are getting tossed out with the bathwater. Four bounces off 930. I'm gonna be a nut here and say that the fifth one, whenever it might come, won't hold <g>
It's odd to me how many chart patterns and candle patterns have been drawn over the past few days that COULD have meaning, but haven't yet proven themselves. The S+P has the mini H+S right now (with that 930 area as the neckline) that Allan scoffs at <g>. We had dragonfly dojis yesterday that were denied today. Heck, we've just done a low volume test of the big SPX H+S, like outta a textbook. Yesterday Allan noted a point where tech might bounce but said "it's too obvious." Despite that, it bounced (for a day). Biotech should be falling from that big wedge. Today was a juicy decline. . . but will it fall farther? Or is the wedge not "real"? Etc. Oh yeah, and we've got everyone waiting for that one new high to short. . . which means that if we get that one new high, we probably don't want to short it <g>
Confusing times call for extra sleep. I am outta here.
the freep |
