Below are two ETFs which are both sporting very well-formed diamonds, which is more often than not a major topping pattern. The sectors are health care and utilities:
Double Diamonds
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Down and to the Right
For many a week now, I’ve warned of the horrifying danger of the small caps completing their basing pattern and doing something like is represented in the conjectural chart below. That would basically be the end of all hope for good, decent people. The bad guys will have truly won.
Binary Decision Point
I was looking earlier this week on the very high quality falling wedge that had formed on SPX from the last high and considering the odds that it was a bull flag setting up a retest of the high.
Since then the wedge has broken up, retraced about 50% of the decline, and an IHS has formed with a target back at a retest of the last high.
At this stage there are only two main options. Firstly that the IHS breaks up, converts the neckline to support, and goes on to retest the last high, and secondly that SPX drops back through 4360, and likely then retests the last low at 4328.09, and then very possibly down further. It is very likely that we will see one of those two options happen next.
(more…)Fumbling Toward Independence
Good morning, Slopers and Slopettes, Let’s take a look at some updated daily index charts, shall we?
We begin with the All World Index. The “face-off” is still unresolved, but the bulls still have the upper hoof. The green tinted area is the bullish base, and even during last weeks’ modest sell-off, we did not pierce this zone. In order for the bears to have a prayer, prices need to sink back into that green price zone.
