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

[volente_00]

Quote from 4re:

Hey Vol

I have been watching the same pattern. The good thing about it is that a failed head and shoulders is usually very bullish as well. Either way let it come to you and then jump all over it. I am short with a half position right now and will double up if it breaks through the neckline.

Good luck with it.

I prefer to short the shoulder then to chase the neckline.


Even if it fails, 1200-1214 to 1130 is still a nice lick.





here's my updated chart


notice the 50 day kiss at the right shoulder

 

[Bakinec]

Quote from Billybob543:

No, it's never going to break out of the wedge....it'll just keeping bouncing between the trendlines for infinity...???

this made my day

 

[GrandSupercycle]

SP500 daily reverts to bearish. Weekly bearish chart continues and
and this will not change.

My long term indicators have continued to warn of USD strength and
these signals have increased since 2009. As mentioned overdue dollar
rally should be substantial.

Also mentioned previously, COPPER daily chart ignored current rally
and warned of inevitable resumption of equity downtrend.

 

[S2007S]

How many times have we seen this in the market, every time it looks like its going to break out it falls and every time it looks like its going to break the trend line lower it rallies. Seen this over and over and over again, let see if the SPX can hold 1120 again, if not look out below this time around, but of course we will get one of those 5% 3 day rallies and everything will look all better once again, tomorrow should be interesting especially with the weekly job numbers due out tomorrow morning.

 

[1a2b3cppp]

Quote from baro-san:

Not any line you draw on your chart is a meaningful trend line.

Please provide correction and explanation so I can learn something.

 

[baro-san]

Quote from 1a2b3cppp:

Please provide correction and explanation so I can learn something.

Draw trends through the ends of the next faster sub-trends. Use volume to better identify trends. Neither of the two lines you've drawn satisfy the above.

 

[1a2b3cppp]

Quote from baro-san:

Draw trends through the ends of the next faster sub-trends.

What?

Use volume to better identify trends.

Something as ambiguous as this needs to be quantified.

 

[S2007S]

Stocks End Sharply Lower on Recession Fears
S&P FUT
1136.80 13.30 +1.18%
DOW FUT
10762.00 112.00 +1.05%
NAS FUT
2198.25 23.75 +1.09%


This is a mini rally in the making, wonder if it holds into tomorrow, I think it will since the last 2 down days were the worse in 3 years!

 

[cooolweb]

Quote from 1a2b3cppp:

What?



Something as ambiguous as this needs to be quantified.

baro-san meant, to use a smaller timeframe as the next faster subframe
(which is wrong)

and also volume as a trend indicator (I don't use it)


so , giving out faulty advices while trying to act smart

 

[Lojanica]

Quote from 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......

Framed it......