Rising wedge in SPX?

Quote from ess1096:

Fried, How did you post the link to your chart pic?
I tried to post a chart for the S&P today and the attachment didn't show up.


As an amateur technician, I think I see a cup& handle and a double bottom (in the cup). And at todays close it looks like a breakout from a flag pattern.
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Hi ess, I saved it out of Metastock as a .png file to my desktop and then uploaded it from there in the 'attach a file' section. If you want to post a chart from a website, first save it to your computer as a .png or .jpg and then upload via 'attach a file'.

I'm not the most knowledgeable guy either when it comes to chart patterns but I think the pattern is not established enough to be a cup and handle. I think if we pulled back to about 1275 on the S&P and then traded in a range between there and about 1300 for a couple of months then that would be a more convincing C&H formation. Hopefully, someone else with more insight into chart patterns will add further comment.
 
Dont base 100% of your investment decisions on charts. Im hearing recession this and recession that every single day now. Markets look like they may break out but the next drop is not going to be pretty, next drop should easily make July look like a piece of cake.
 
Quote from 5Pillars:

Fed meeting "notes" release tomorrow will get some conviction and volume back....I am sure. :)
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Yeah, I think you're right. I hope so anyway since I'm getting bored with the summer doldrums. :cool:
 
Quote from S2007S:

2pm, this should keep the market moving into 4pm closing, today was quite boring once we hung around the 75-90 range.
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I'm curious to see if they say anything substantive at all. I'm sure Bernanke would prefer to say nothing - especially after the Bartiromo incident. :D
 
Quote from DeepFried:

If you want to post a chart from a website, first save it to your computer as a .png or .jpg and then upload via 'attach a file'.

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I don't know why my chart didn't upload. That's exactly how I did it. Saved as a jpg, attached it but it doesn't show up in the post.
It's not too large. Oh well............. Whoa, now it's there!
 

Attachments

ess1096, I see what you mean with the flag. I'm wondering though, if we have a down day tomorrow, is that the beginning of an short/intermediate double top? I think the RSI indicates potential for a divergence here.
 
It's there, and volume is drying up as it progresses. Usually not a good sign for the bulls. I like to let them go ahead and breakdown and then short the first reaction if possible. A short can be taken inside the pattern at the right spot if you are on top of it, but you might get stopped out a few times. Maybe something will show up intraday.

There is no such thing as a bad pattern, only poor technicians. Wedges are tuff stuff sometimes.

Also, if the thing breaks to the upside it is very bullish short term.
 
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