That’s a lot to say in one headline! In addition to a (so far) confirmed downside break of the bearish rising wedge on the S&P 500, an ominous Head and Shoulders pattern has now formed on the 60 minute structure. Let’s take a look at this new development. If there ever was a confluence sell…
Let’s take a quick mid-week look at the S&P 500 daily chart structure for April 22, 2009. While I’ve been making much of the “Bearish Rising Wedge” (which was broken to the downside on Monday), keep in mind that it still looks like we could be forming a “Rounded Reversal” on the Daily chart as…
Here’s the question on everyone’s mind – did the S&P 500 officially break out of its rising wedge pattern this morning? Let’s look. (Click for larger image) A quick look says “Yes,” but always keep a close eye on the risk, and the possibility that this break could be an insidious ‘bear trap.’ The trendlines…
Is a Bearish Rising Wedge forming in the S&P 500? Let’s turn to a pure price look at the S&P 500 index to see this structure potentially developing. When trying to be bearish in any degree off the March 6th lows, it’s as if the bulls are saying “Rumors of my death have been completely…
Technicians should not be surprised with the recent downward price ejection out of the August consolidation pattern, known as a ‘rising wedge.’ Not only did the pattern follow classic definitions and expectations, we were treated with a prior example of the pattern just a few short months ago. Let’s look at the Dow Jones index…