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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (131003)	3/21/2006 10:57:05 PM
From: skinowski	Read Replies (1) of 209892

SPX -- I can see more than one way of reading all this, including a running triangle from the Dec 16 high (which may project up as far as 1350 or so... or may not). Or, it could have been a complex correction from Jan 11 top, followed by the breakout a few days ago.... in which case, a) the entire move may be over, or b) we may have seen only the first leg of a new larger move... with today's drop being part of a correction... and the index poised to shoot up hard over the next few weeks. Or it may not. There are other ways of looking at it as well. Come to think of it, everything on SPX since late Nov - early Dec was little more than a choppy jello. It could make a move up - or it may prove to be a topping formation. I don't think that charts give any real indication at his time - which does not mean that others may not see in the charts more than I do. Over the next several weeks the bullish seasonality will end... which may create additional headwinds for the markets.

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