lowtrade

[phrantic]

IMO this market is in dire need of a correction. I'd like to see a retrace to around the 1050-1075 level on the S&P, we'd get some reliable cup & handle/double bottoms out of it. If you look back to that area (May through September 2010) on a 2 year weekly, great indecision and mixed sentiment is seen in the sloppy wide & loose base formed on the left side and bottom of the cup & handle pattern and did not start showing signs of health until the tight ascension to the handle which formed November 2010. This appears to be the most logical place to find support, but then what is logical about the market, right?