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Very possible sirgiyan..... I chart the $VIX and $TRIN .... today's open is more bullish than bearish...and large trends normally follow a zig-zag pattern moving in one direction up/down. The trading day has only begun and it will be interesting to see how it closes. Here's some info on the...

Agreed AMT4SWA...$SPX did indeed reach a new low and blow past fib retracement 0.0% (798.28) on the daily chart. The closing candle reflects bearish sentiment as the low today is lower than yesterday (788.42) ...the 750.00 target looks very attainable...

Are there any indication following the put/call ratio that we will finish in the green.

Today the $VIX gapped open at 48.14 (bearish to the market) in early morning trading. The high of the day is 51.18 and the low of the day is 46.96. The closing candle is a spinner resting on the 50 sma (46.83) as support. The fib retracement is slightly above the intermediate (46.76) as it...

Classic "W" chart pattern on the 2 day 5 min chart and the daily chart is reflecting a symetrical pattern. With the late session rallly boosting the price above the open it may be safe to expect more bullishness tomorrow.

Today the $SPX did not emerge untouched by the bearish sentiment prevailing in all of the indices today. As it opened at 866.87 and barely made it to 868.05 as a high before declining to 822.99. The closing candle engulfed previous trading sessions close. Tomorrow will be interesting as the...

Great posting fellow traders (amt4swa,dsq,fantastic4,mvic,s2007s and Landis82) .....it appears that collectively the sentiment is still bearish as the markets continue to move higher...currently the $SPX is at the 860 range approach the highs of Jan...there is resistance at this level...we will...

Gap down in the $SPX this morning....as increase in unemployment claims hit the news wire. We're below 823.00...

Great chart work winstontj...interestly enough there can't be positive discuss a subject unless more than one opinion about the subject is shared...I use Fibonacci analysis in my charting tool set...I received this today.. http://www.projectstreamer.com/users/cb1618/vidfeb5/vidfeb5.html

I would agree...823.00 or lower will begin the trading session moving to the lower 800-750 support areas. The internals ($VIX, $TRIN) will show confirmation as the trading session progress.

It's hard to determine a point or percentage breakout from one trading session's performace...however to keep this in technical analysis prespective...a close today above the 8 sma (840.13) would be very positive and reassuring.

Thanks fantastic4... in my haste.... I typed the incorrect flag formation.... it is a bear flag. The chart school at FreeTradingvideos.com has a great example of a bear flag... check it out... http://www.freetradingvideos.com/bear_flag.asp

The overseas markets are responding to today's trading in the US as trader sentiment has shifted slightly and given a bullish signal. In regards to the inverted head and shoulders pattern in the $SPX daily 6 month chart. The following chart my shed some light on whether or not the pattern...

I'm conviced that the market may had already priced in the -5.5 expectation and sold off due to internals and resistance levels. And the current chart pattern on the daily $SPX we can expect swings in either direction.

Interestingly at the close of today's trading session the $BANK reached lower price levels as did all of the indices. The chart pattern (a falling wedge) is indicitive of mounting selling pressure confirming non support of the - 3.8 GDP better than expected - 5.5 . The 1578.88 low of the day...

Interestingly from a chartist perspective resistance in many cases occur as a result of lack of buying in a particular stock or ETF (in this case) for several different reasons. Maybe longs or bulls have reached a point of exhaustion or pause based on market internals ($VIX, $TRIN to name a few)...

Hey fantastic4...as with resistance being meet today the GDP may not need to be any worst than expected to send the market down further tomorrow.

Thankyou Travis...the head and shoulders pattern in this case is possibly retracing to test prior lows as price action today was unable to climb above the 20 sma (869.44) area on the daily $SPX chart. Given the closing bearish engulfing candle at the close of today's trading session (845.14) the...

That's true that a head and shoulders pattern in certain market conditions can be iffy....however the pattern itself is reliable a majority of the time. So times the pattern will pull back to retest a prior low/high before preceeding in the direction of the established trend.

Today the FED passed the stimulus package and it appears that the markets have reacted favorably to the news. However the subject is head and shoulders patterns and as a rule an inverted head and shoulders ( which is currently displayed on most daily charts) is bullish and if market condition...