Is S&P forming intermediate term double top?

[fly down]

Quote from Tsing Tao:

1250 is now gone. this thread is officially busted.

Yes agreed.

But with the start of a new year, and with sentiment at extreme levels, it looks like january sets up for a good correction.

 

[galvinlee888]

Quote from fly down:

Yes agreed.

But with the start of a new year, and with sentiment at extreme levels, it looks like january sets up for a good correction.

Never disagreed

 

[i_c_fed_people]

it should just keep going up

 

[failed_trad3r]

Quote from Locutus:

That would've made a shitload of money in 2000 and 2007.

indeed. It would have allowed you to time the exact moment the bear market began.

 

[Tsing Tao]

Quote from fly down:

Yes agreed.

But with the start of a new year, and with sentiment at extreme levels, it looks like january sets up for a good correction.

probably. but with the fed doing two pomos a day, this can go on longer than either of us expects.

 

[volente_00]

Quote from fly down:

the S&P closed today @ 1104.18

To me, it appears the rally is overextended and on weak legs. I think there could be downside to 1000 as the september-october season arrives coupled with other factors favoring downside. What do you think?

BEST DAMN FADE ON ET!

 

[Nine_Ender]

Quote from fly down:

The high in April was 1219.8

It is my belief that the S&P is forming an intermediate term double top around 1220. This does not mean it will not go abit higher than 1220. I think the formation now is in the process of forming a top.

So should zig zag abit around 1220 as the top forms.

Pure "genius" how you called another top at 1220 and we are around 1250-1260 solidly for more then a week. I know its only another 3% but that's significant for just a few weeks on top of the previous gains.

Please let us all know what your new time estimate is for S&P 500 at 1000 as you promised a few months ago. I counter we won't hit 1000 the entire year of 2011 and possibly never ( although this part is impossible to say ).

 

[nonlinear5]