S&P 500 looking very toppy

tradersaavy · Jul 22, 2003

On the monthly SP Fib numbers:

There is HUGE resistance in the 1165 to 1176 area.

This is 50% retracement from SP March 2000 high to Oct '02 low and the huge pivot (or right shoulder) in the 1st quarter of '02.

On shorter timeframe note:
the 60m chart's rounding at lows coinciding with 50 day sma.

Romeo · Jul 22, 2003

Quote from inandlong:

Interesting view on the SP500 monthly chart when you put up fib lines from the end of 1994 to the top, and from the top to the present low.

Inandlong,

I'm interested in seeing what you are referring to. And what are you seeing with this chart?

Romeo · Jul 22, 2003

Quote from sixthbeast:

i think we shoot to new highs soon

I know i'm right about the double top!

TriPack · Jul 22, 2003

Right or wrong, will you make money?

Romeo · Jul 22, 2003

Quote from TriPack:

Right or wrong, will you make money?

Are you suggesting something?

Speak on it, son.

inandlong · Jul 22, 2003

TriPack, back from a two month vacation in southern France no doubt! I just passed on the link from the gems thread today btw. There is some good stuff there.

inandlong · Jul 23, 2003

Certainly can say both the Dow and 500 are being kind enough to consolidate for the last month. On the daily chart the Dow looks like a nice symmetric triangle, and the 500 looks like an ascending triangle, both of which are considered continuation patterns.

Either way it goes, there should be plenty of warning when it does.

Romeo · Jul 23, 2003

Quote from inandlong:

Certainly can say both the Dow and 500 are being kind enough to consolidate for the last month. On the daily chart the Dow looks like a nice symmetric triangle, and the 500 looks like an ascending triangle, both of which are considered continuation patterns.

Either way it goes, there should be plenty of warning when it does.

The next few days should provide a strong clue as to which way it will go. The transports may be a leading indicator here. Look for the transports to make the first break (up or down), with the rest of the market following.

inandlong · Jul 23, 2003

Quote from Romeo:

The next few days should provide a strong clue as to which way it will go. The transports may be a leading indicator here. Look for the transports to make the first break (up or down), with the rest of the market following.

Aaaaaaaaahhhhh! Thanks for reminding me of that Romeo. Fortunately it sounds like by your post that there is still time but barely. Man, I really appreciate the heads up. This is old school.

Romeo · Jul 24, 2003

here.

Whomever started this thread looks to have made a pretty accurate prediction!

And I have Inandlong to thank for allowing me the freedom of expression.