Pretty awesome follow through on the bullish ladder bottom reversal I posted about last week...That's the second time in the past 3 months the market has sharply reversed out of that pattern, both times started with a bullish descending wedge, drying up volume and after several days of relentless selling.
Sliced through all the immediate overhead resistance too without any trouble at all.
A pattern worth watching out for after selloffs, even on short term charts I've seen it work. And when it forms on the indexes - all of them at the same time as it did last week, you can practically throw darts and make a good swing trade <g>
I highlighted the pattern with white boxes on this chart, for comparison. On the SOX, it was even clearer...
NDX
stockcharts.com[e,a]declyiay[d20021001,20031231][pb200!c50!c40!c20][vc60][iut!ub14!ua12,26,9!li14,3!ll14!ld20!lc20!lf][J8508981,Y]&pref=G
SOX
stockcharts.com[e,a]declynay[d20021001,20031231][pb200!c50!c40!c20][iut!ub14!ua12,26,9!li14,3!ll14!ld20][J8823907,Y]&pref=G |
