Posted by steve101 on 18th of Aug 2010 at 03:34 pm
Should make an attempt at a double top around 1130, or at least
close the gap Steve pointed out last night. Max upside is around
1150, but less likely.
If we get much higher than 1130, we could break out of
the inverted H&S pattern that has been forming since May,
which could mean that we rally up to challenge the April
highs. It's quite possible. (That would be an even better place for
a double top, should the market choose to put one in.)
Not yet.
short the SPY now?
Posted by steve101 on 18th of Aug 2010 at 03:34 pm
Should make an attempt at a double top around 1130, or at least close the gap Steve pointed out last night. Max upside is around 1150, but less likely.
If we get much higher
Posted by user32 on 18th of Aug 2010 at 05:17 pm
If we get much higher than 1130, we could break out of the inverted H&S pattern that has been forming since May, which could mean that we rally up to challenge the April highs. It's quite possible. (That would be an even better place for a double top, should the market choose to put one in.)
http://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=0&mn=9&dy=0&id=p39962103499&a=206651200