Thurs Sept 2


Have been away from computer and charts…

Today’s sharp counter trend rally clearly has a short covering
component but that aside – these counter trend rallies don’t
change the bearish bigger picture. In response to queries from
readers, I’ll try and post more charts when time permits.

SP500 long term weekly chart shows how the current pattern is
similar to the topping processes during 1999 and 2007.

SP500 weekly chart close up shows the weekly megaphone wedge.
These patterns indicate a very emotional market that is somewhat
out of control as the buyers and sellers battle it out. This recurring
pattern currently found in a variety of time frames is of course
symptomatic of the global economic uncertainty.

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I read comments but they're not published. Troll IPs are automatically trashed. [crinia AT gmail DOT com]

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