The anxiety of the S&P bulls
05 August 2011
TECHNICALS
WEEKLY CHART
The market has stumbled since the beginning of the year.
Three times it has tried to get back above the first High made in February of 1332.60.
So, a small triple top or even a Head and Shoulders reversal may be on the cards….
But in the context of the big bull run from the beginning of 2009, even though the diagonal trend support has been broken, (and acted as good resistance when the market tried to break back up through it) the Prior High of 1216 needs to be broken… to convince the bears.
And note the coincident support at that level from the Fibonacci retracement level….
DAILY CHART
The detail of the 2011 price action is full of actual bear energy:
- The quadruple failure at the 1350 level.
- The small Double Top that has completed by breaking down through 1290.
- The completed Head and Shoulders Top on the break of the Neckline at 1259. (minimum target 1140)
and potential bear energy…
- The Triple Top close to completion on a close beneath 1239.90.
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