Inverted head and shoulders on the SPX?

Quote from Landis82:

First off, 5.4% was what the analysts polled by Reuter's estimated.

Second of all, realistically speaking the number wasn't really -3.8%

Taking into consideration inventory build-up ( which gets counted as "growth" ) the REAL GDP number was actually:

5.1%

That's not far off from market expectations.
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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.
 
Quote from fantastic4:

Hey AMT, could you explain your NET long strategy again?
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I am SHORT the market!!! I have Rydex 200% Inverse S&P500 positions and I am still holding SHORT ES positions from 873/74 area that were entered the day of the FED news release....last profit targets are at 803.00 and 793.00 for the ES positions.
 
Well, on your chart I don't either. I see you've also got the ES and not the SPX up there, of course those charts will be a bit different won't they?
 
bad news may be priced in but negative sentiment is increasing. people are just now starting to realize the economy is turning to shit, we still have another strong move down, get ready.

-antincedo
 
What happened to the inverted H+S?Wow,market tanked-did the exact opposite of what was supposed to happen.
There never was an inverted hs on the chart provided here.Just bad chart reading ...Some idiot interpreted a couple of bars as a left shoulder??
Anyway if he and others are still deluded into thinking that was an inverted hs fine-it did exactly opposite of what it was supposed to do and what people were suggesting was gonna happen....

Most people doing charts dont even know how to draw chart trendlines.A lot of chart reading is self-fulfilling prophecy nonsense that blows up in your face.Just like religion.
 
So much venom! Wow, even some name calling as an added bonus. I have seen one million forming ascending triangles fail, that doesn't mean ascending triangles are worthless, but they're only entered upon confirmation. Break over resistance with substantial volume. If you watched the videos closely, you would notice that this down move was also part of it. Anyway DSQ, why don't you share some of your expertise with us. You sound to me like you must be a highly succesful trader. Have you written any books I could buy?
 
Well, is this not an inverted head and shoulders? I'm sure some of you are experts and I would appreciate any feedback. Hopefully, some don't take any questions personal, I'm not here to attack anyone, or try to make any one feel bad.
 

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there was an inverted head and shoulders in place, but why do you only consider daily bars?


orignially posted
at http://www.elitetrader.com/vb/showthread.php?s=&threadid=64965&perpage=6&pagenumber=8839

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01-28-09 02:08 AM

There's another IHS. On the 60min.

Measurement from Head to neckline, added to neckline, projects to 872.

Trade what you see, not what you project.
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