Looks like we're finally getting some action. There were big moves in several markets overnight, gold has fallen sharply and looks to have topped out for a while at least. Here is a head and shoulders pattern which has formed on the SPX and as you can see the neckline has been breached. I am going to get short on a retest of this line with a minimum target of 1142. Although I will likely hold for much longer than that as this may be the top in this market we have all been waiting for.
Wednesday, May 5, 2010
SPX Head and Shoulders Neckline Breach
Looks like we're finally getting some action. There were big moves in several markets overnight, gold has fallen sharply and looks to have topped out for a while at least. Here is a head and shoulders pattern which has formed on the SPX and as you can see the neckline has been breached. I am going to get short on a retest of this line with a minimum target of 1142. Although I will likely hold for much longer than that as this may be the top in this market we have all been waiting for.
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