>>>PS: I guess my people skills can always use some work. I guess I could always bite my cyber tongue and not chime in with my opinion in an effort to help someone I deem as worth the effort. I think most of those folks over the years have indicated they benefited from my interjections, but there has certainly been those that were offended and some permanently.>>>
LG
I appreciate your feedback if its in an encouraging tone. There is certainly some interpretation in some draws such as that SPX chart that I agree with. That SPX draw was definitely a wedge and not a channel.
I also recognize your good call at the recent highs which is now playing out with some key uptrend support breaks (see 2 charts in previous post).
Here's what matters now on the SPX. The weekly chart. The rising support out of the March 2003 lows through the October 2005 lows was breached at 1275 SPX. That's bringing a test of the 50-SMA on the weekly at 1251 and the falling support/resistance line out of the March 2000 1553 high through the August 2000 high, which is in the same general area (maybe you have a more exact plot you could share).
If we get close to that line, I may put the employee fund back in the market for the first time since January of this year, but possibly only for a re-trace up to maybe 1295 by the end of June (prior to the Fed).
The SPX chart is looking like a H&S top with a possible test of the 1168 October 2005 low as the target in the fall.
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