Chartists: is the S&P going to break out of this wedge? (chart)

[heypa]

Not a short term trader but it looks up to me.
More consistent trend line drawing might help the guessers.
Not my kind of signal however none are in this unpredictable market.
Excessive reaction to news events with so many trying to jump out in front big time.

 

[gtor514]

You see a pennant, I see flag. I can't make out what's on the flag but I think it's ugly.

 

[ordinary_trader]

Quote from gtor514:

You see a pennant, I see flag. I can't make out what's on the flag but I think it's ugly.

I agree

http://www.elitetrader.com/vb/showthread.php?s=&threadid=225251&perpage=6&pagenumber=2

 

[lindq]

Quote from gtor514:

You see a pennant, I see flag. I can't make out what's on the flag but I think it's ugly.

Isn't that the Greek Flag?

 

[rickf]

No, it's setting up to form a quantum singularity that will suck the markets into perpetual churn and eventual oblivion.

Oh, wait....

 

[1a2b3cppp]

Quote from volente_00:

right shoulder here says we go to 104 spy next

Can you illustrate the H&S? I don't see it.

 

[Lucrum]

Quote from 1a2b3cppp:

Can you illustrate the H&S? I don't see it.

One of the drawbacks to these types of "patterns" I'm afraid; subjectivity.

 

[volente_00]

Quote from 1a2b3cppp:

Can you illustrate the H&S? I don't see it.

maybe someone can clean up and resize it

 

[Eight]

Quote from Lucrum:

One of the drawbacks to these types of "patterns" I'm afraid; subjectivity.

not to mention that underlying conditions can change right in the middle of the best of patterns...

Personally, I've been looking at the Dow more than the S&P, but it does look like price will break to the downside eventually and I found that there is a big price range without much support starting somewere below where we are and ending at about 8300... Currently there seems to be much activity to support the indexes but when that fuel is entirely spent and it hasn't warmed things enough, big run to the downside...

Do I have $ on this analysis? Not in the least, I'm an intraday trader and don't give a rat's @ss what the overall markets do, other than I'd prefer volatility......

 

[Lojanica]

So the new wrenches are: China, Europe, and the USA. Oh I forgot the Middle East, and of course terrorism and mother nature.

Right now we rally into options expiration. That we know because it already happened. After that then down again? How low well we'll find out next 6 weeks. Do we rally to 1350 again? Could happen but R U Friggen kidding me. Everybiody and their brother is going short this shit at 1220 to 1250......