Head & Shoulders

[noddyboy]

Wire: BLOOMBERG News (BN) Date: Jul 7 2009 14:46:13
S&P 500 May Fall 9% During Earnings Season: Technical Analysis


By Rita Nazareth
July 7 (Bloomberg) -- The Standard & Poor’s 500 Index may
retreat about 9 percent during the two-month second-quarter
earnings season that begins tomorrow, according to
Schaeffer’s Investment Research.
Should the S&P 500 fall below 882.88 points, the slide may
be followed by a drop to about 820, completing a so-called
“head-and-shoulders” pattern, said Ryan Detrick, the senior
technical analyst at Schaeffer’s. The left shoulder and head
were formed when the S&P 500 climbed to a high, retreated and
then rose to a higher peak. The right shoulder would be
completed should the index, which sank to a trough and rallied,
fall to a new low.

 

[noddyboy]

Quote from noddyboy:

Wire: BLOOMBERG News (BN) Date: Jul 7 2009 14:46:13
S&P 500 May Fall 9% During Earnings Season: Technical Analysis


By Rita Nazareth
July 7 (Bloomberg) -- The Standard & Poor’s 500 Index may
retreat about 9 percent during the two-month second-quarter
earnings season that begins tomorrow, according to
Schaeffer’s Investment Research.
Should the S&P 500 fall below 882.88 points, the slide may
be followed by a drop to about 820, completing a so-called
“head-and-shoulders” pattern, said Ryan Detrick, the senior
technical analyst at Schaeffer’s. The left shoulder and head
were formed when the S&P 500 climbed to a high, retreated and
then rose to a higher peak. The right shoulder would be
completed should the index, which sank to a trough and rallied,
fall to a new low.

This was posted before the close today at 881.

 

[Stewenson133]

H&S pattern could drive sp500 to 800.

low probability , imo

 

[noddyboy]

Let's go baby.

 

[S2007S]

Im bearish however everyone is calling for the s$p to break down to 800 after it closes below 870-875 area, how true this is is anyone's guess. Would be nice to see a drop like that, once we break lower I believe extreme bearish sentiment will kick once again sending all indexes to March 2009 lows ONCE AGAIN.

 

[Petsamo]

According to Tim Ord of decisionpoint.com, we should rally to 91 on the SPY on 10% lighter volume. Looks like the rally already started. I put in a long position just in case ...