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.


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.
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