I don't see any wedges either. COMPQ and NYA look identical to that SPX formation too. Check out the INDU and Wilshire 5K. Why bother to chart them...they ALL look practically identical to the SPX chart, same formations and trendline resistance all pointing to August highs or just below... and all longer term weekly stoch settings say shorts will probably be frustrated for a little while longer.
and fwiw if anyone takes a little time to study the rise out of the July lows to the August highs, they'll see a weak base that was destined to come back and fill. Problem is, this most recent liftoff out of the Oct 10 lows is EVEN MORE flawed, and a much weaker/nonexistant basing action than the previous move.
There is NO reason to believe that this move won't get filled. Again, anyone who is counting on the seasonality factor needs to go back and look at history...from 1966 to 1982 the "Prime investing period" from November to April averaged only 4.5%, and 7 out of 17 periods during that time resulted in negative gains.
interesting also that the last 3 "Best 6 Month" periods returned 0%, -2.5% and 9.5% respectively, for an average of 2.2%.
JRI and I also talked about the 2000 election time period on Friday, From 1949 to present also, the worst performing 3rd years of the "Presidential Cycle" came during 1971, '79 and '87...BEAR years. hmmm
not exactly new bull market fodder, but i guess we'll see. I'm actually looking for some swing longs...but i'll probably just wait for my sell setups to finish forming up...
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