Will the S&P go to 1000 or 1200 ?
- Thread starter fly down
- Start date
I never gave any real credibility to the DJIA, but that is a double top there at 11,250 now. A perfect double top between April and now.
I always gave the most crediblity to the S&P, which is why I was looking for a double top in this index at 1220. But maybe the DJIA pattern is real.
I always gave the most crediblity to the S&P, which is why I was looking for a double top in this index at 1220. But maybe the DJIA pattern is real.
It looks like this market is going to run even more if 1220 is the double top for the SPX, many are anticipating 1250 on the spx by the end of 2010, even as high as 1300. I don't know what happens after this initial break out and where the charts lead, but it looks like they will race the SPX back to 2007 highs by mid to late 2011. It seems nothing is going to stop this market from moving higher, day after day this market moves higher as if it only knows one direction. QE2 and plenty of stimulus is just going to keep the rally intact probably for another 2 years.
Everytime price comes back to retest resistance, at the precise moment it's doing so, it looks like a double top, most of the time the resistance is taken out but before it happens it traps people into thinking it's a double top. The same thing is valid for support and double bottoms.
Truth is you can't really tell its a double until after the fact.
ESD
Cramer always starting his show off bashing the bears, anytime the market sells off he tells the bulls not to run scared and when the market is up he says how bears have no clue what they are talking about.
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