Here's a 60 min chart of SDS ultra short SPX. A falling
wedge pattern, however take a look also at the 55 period ROC
indicator; the zero level is important as well. If the SDS
breaks out of the wedge and is confirmed with the ROC closing over
50%, that would be a good confirmation
Matt/Steve can you please shed some color around the bear wedge
comments for SPY, QQQQ, SPX & and bull comments for SDS vs
the inverse Head and Shoulders comment for the Financials
- BKX and XLF???
straws- I covered that last night pretty clearly I thought, you
might want to listen again; I said if the market pulls back
and the wedges play out on the SPX and Dow via the 60 min charts,
then maybe the inverse H&S patterns on the financials and banks
would have a pullback that would retest the neckline, but then find
support there and rally again. The rising wedge on the SPX is only
on a 60 min chart, whereas the inverse H&S the BKX and XLF are
on daily charts.
SDS 60 min chart.png Here's a
Posted by matt on 13th of Apr 2009 at 11:14 pm
Here's a 60 min chart of SDS ultra short SPX. A falling wedge pattern, however take a look also at the 55 period ROC indicator; the zero level is important as well. If the SDS breaks out of the wedge and is confirmed with the ROC closing over 50%, that would be a good confirmation
Here's also a dynamic chart
Matt/Steve can you please shed
Posted by straws on 14th of Apr 2009 at 08:52 am
Matt/Steve can you please shed some color around the bear wedge comments for SPY, QQQQ, SPX & and bull comments for SDS vs the inverse Head and Shoulders comment for the Financials - BKX and XLF???
straws - I covered that last
Posted by matt on 14th of Apr 2009 at 09:44 am
straws - I covered that last night pretty clearly I thought, you might want to listen again; I said if the market pulls back and the wedges play out on the SPX and Dow via the 60 min charts, then maybe the inverse H&S patterns on the financials and banks would have a pullback that would retest the neckline, but then find support there and rally again. The rising wedge on the SPX is only on a 60 min chart, whereas the inverse H&S the BKX and XLF are on daily charts.
BKX chart