S&Ps May-June 2010


The past month, the US equity markets has been a chop fest.  It has been virtually impossible to do technical analysis on S&Ps.  All of the mess the past month has formed some technical set-ups that could provide some guidance on where this market could be headed.

S&Ps have formed a base at 2010 lows, thus making the action in the “flash crash” close to irrelevant. It also has formed a descending triangle, a potential bearish formation.  If it violates the triangle on the upside (and it is right at the upper trendline of the triangle), it will encounter support/resistance at the 38.2. My bullish cap will come on if it goes past the 38.2.  The action this past week though, formed a bearish wedge.  If the pattern continues as such, it will eventually touch support & go though support on the downside, thus making new 2010 lows.

Advertisements

About Clair Wyant

I am a foreign exchange & stock/ETF trader in Boston, MA. This blog will be dedicated to my out look in the economy, the financial markets, with an emphasis in foreign exchange. When I am not working, I enjoy watching sports, participating in recreational sports leagues, travel & spend good times with my friends.
This entry was posted in SPs. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s