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Second tet of the overnight low was a sweet set-up. Not sure if a spike and wedge counts as a formation.
Guys who have large followings on twitter that I follow are looking for a multiday topping process. FuturesTrader71, Jam-Croissant and Master Wu. If more join the chorus I will be nervous as one of the 10 rules is that when all the experts agree something else happens.
Two legged move off of 4132 has measured move to 4139 but it is clearly failing to make that. Looking like the Cobra rule for 4130 could soon be in play (support fails at 4th touch) if bulls don't step it up.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
SPY 5. Slow train to nowhere. To re-quote Yogi Berra, former New York Yankee, and Hall of Famer, on the way to Yankee Stadium, with a teammate, who says: "Yogi, we're on the wrong train." Yogi, the wise, inscrutable one, answers: "Yeah, but we're making great time." Ha ha
Charts posted are not recommendations. They are just a sharing of information.