Be careful about assuming a double top. An inverse H&S seems just as valid a pattern (more so, considering the action), and 1131 is only an intraday high that reversed after it printed. Any close above 1120 will represent a significant closing high, IMO.
This looks like a trend day to me now. I think we could go up to the 1131 spx level to put in a double top. The daily chart has turned back up (not that it was ever turning down, but simply looking weak). So, this rally could last into tomorrow too.
Dow Jones Targets and support levels
http://niftychartsandpatterns.blogspot.com/2010…
Be careful about assuming a double top. An inverse H&S seems just as valid a pattern (more so, considering the action), and 1131 is only an intraday high that reversed after it printed. Any close above 1120 will represent a significant closing high, IMO.
yeap target of 1128 or so before we retrace
That's all it it. They're just popping stops. Look at the volume today. Pathetic, given the amount of the move up.
Wow! They are really squeezing the bears now…
Dow Jones futures rising wedge updated
http://niftychartsandpatterns.blogspot.com/2010…
Chart trader ahs been calling for 1131 for quite some time.
It looks like if we have a follow up day tomorrow it could hit.
Vix and R2K are not currently in support mode. But who knows??
This looks like a trend day to me now. I think we could go up to the 1131 spx level to put in a double top. The daily chart has turned back up (not that it was ever turning down, but simply looking weak). So, this rally could last into tomorrow too.
Well gang… we hit 112.42! Wow! Now what? Do we back off or continue higher?
Well I'm pretty sure we are going to 112.41 spy at least, so that will push the Dow up higher too. Not a breakout though…