ETF SWING & DAY TRADING

[POKERSAM]

Good Evening All -- The word "Trend" has been thrown about a lot. Most think we are in an uptrend. What is the case really? Look at a six month daily chart of the S&P. From this chart and for this time frame we are in a DOWN trend. We went up from 1219 to 1245.86 and our next high was 1243 and now we are at 1228.81. The numbers were going up but now they are going down. The only way you can say we are still in an uptrend in this time frame is to make a new high. Draw a line and connect the tops. The line was going up and now the line is going down. Untill we make a new high we are going down or sideways, not up. NOTE: I said in this 6 month time frame on a daily chart. Change that and you can change the trend.
We have a pretty clear head and shoulders here. It is not the most reliable pattern but we shall see if it plays out or not.

JMHO
POKERSAM