Today's Chart Of The Day comes from The Wall Street Journal on 16th of November 2011, article titled "S&P 500 Forms Potentially Super-Bullish Triangle", two days before the S&P 500 triangle broke down. Once again, I will state that we should consider ourselves very lucky we have "experts" to help us make money (end of sarcasm).
S&P500 to 900?
ReplyDeleteI'm not a prophet so I couldn't tell you.
ReplyDeleteI wouldn't get too bearish right here... you see the triangle has outsmarted everyone by not breaking to the upside. So now everyone is following the downside breakout.
This is where it could get tricky, with a bear trap! So I do think we are about to rally very soon. We are a bit oversold from the short term point of view!