Thursday, August 04, 2011 9:33:24 PM
SPX - Recall
As a quick recall, last Jun 23, we called a bearish signal on the SPX - In the interim, we also printed a bearish Gartley pattern.
Now, look for "scaffolding breakdown" as the benchmark continues to take out softening support levels. The crowd turned against the SPX, and the crowd sentiment reciprocates is likely to find a self-fulfilling prophetic event. So, watch out. Or, "Timber!" like they say up north.
... See Post# on my "Stock Incubator" for more telling bearish indicators: Post # 2130 - Check out my public charts on Stockcharts for greater details on this and other indices, stocks, forex. Votes are always appreciated. Thank you.
- Dalcindo
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IN REPLY TO:
dalcindo Member Profile dalcindo Member Level
Share Thursday, June 23, 2011 2:55:49 PM
Re: dalcindo post# 2064 Post # of 2131
SPX - BEARISH:
I thought it timely to provide a quick technical note of the recent structural development, especially as classic patterns have emerged, and the overall picture remains in line with our prior bearish view - All this on a monthly chart, although more sensitive trend reversals (albeit less specific) may have emerged on weekly charts as well.
23 JUN 11 - TECH-NOTE:
Significant changes have occured at this point, namely:
1 - RSI completed a bearish confirmation in the month of MAY
2 - Price completed a (classic) BEARISH Gartley pattern at significant Fib levels
3 - Secondary indicators are lining-up into a bearish signal
OVERALL - BEARISH outlook
As a quick recall, last Jun 23, we called a bearish signal on the SPX - In the interim, we also printed a bearish Gartley pattern.
Now, look for "scaffolding breakdown" as the benchmark continues to take out softening support levels. The crowd turned against the SPX, and the crowd sentiment reciprocates is likely to find a self-fulfilling prophetic event. So, watch out. Or, "Timber!" like they say up north.
... See Post# on my "Stock Incubator" for more telling bearish indicators: Post # 2130 - Check out my public charts on Stockcharts for greater details on this and other indices, stocks, forex. Votes are always appreciated. Thank you.
- Dalcindo
-------------------------------------------------------------------
IN REPLY TO:
dalcindo Member Profile dalcindo Member Level
Share Thursday, June 23, 2011 2:55:49 PM
Re: dalcindo post# 2064 Post # of 2131
SPX - BEARISH:
I thought it timely to provide a quick technical note of the recent structural development, especially as classic patterns have emerged, and the overall picture remains in line with our prior bearish view - All this on a monthly chart, although more sensitive trend reversals (albeit less specific) may have emerged on weekly charts as well.
23 JUN 11 - TECH-NOTE:
Significant changes have occured at this point, namely:
1 - RSI completed a bearish confirmation in the month of MAY
2 - Price completed a (classic) BEARISH Gartley pattern at significant Fib levels
3 - Secondary indicators are lining-up into a bearish signal
OVERALL - BEARISH outlook
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