One of the characteristics of these rounding tops that have a spike at the top is that they do tend to bounce near the point where the spike originated. This point on the SPX this week is right at 875, which also happens to be max-pain for the SPX. Without an exogenous event, I am not looking for a huge down week. Just targeting maxpain, then a bounce, then we start down all over again.
May 2001 top
stockcharts.com[r,a]dhcaynay[d20010311,20010911][pb50!b200][iub14][J8143051,Y]&listNum=1
December 2001 top
stockcharts.com[r,a]dhcaynay[d20010911,20020211][pb50!b200][iub14][J8143048,Y]&listNum=1
November 2002 top
stockcharts.com[r,a]dhcaynay[d20020701,20021111][pb50!b200][iub14][j8142925,y]&listNum=1
Targets for the week
SPX 875
COMP 1280
NDX 950
QQQ 24
INDU 8300 |
