Monthly Archives: October 2010

Since the morning, the wedge has actually been broken ONCE AGAIN and a close below the bottom YELLOW line will bring this market down further. The base of the wedge is at the moment at about 117.33. See the PRIOR … Continue reading →

So where is the S&P 500 today? The rising Bearish wedge is still in play. The SPY crossed BELOW the lower YELLOW LINE briefly and then recovered, which is positive. But this may be the start of a longer term … Continue reading →

The chart below shows that the GDX is coming down to retest its recent breakout above 56.74, which was the high in 2008. Note that prior failed breakouts of GDX have BROUGHT DOWN GOLD (GLD) consistently. (Read my other posts … Continue reading →

The S&P 500 broke up through the rising bearish wedge yesterday and NOW has broken back down through the top of the wedge, which constitutes the first SELL signal for traders. Do you see the red lines JUST BELOW the … Continue reading →

See the prior post for an explanation of the lines. Today’s chart is positive in that the upper line forming the wedge has been broken to the UPSIDE. That must hold on a closing basis of course to validate the … Continue reading →

The wedge is formed by the two YELLOW lines converging toward the upper right on the chart (see below). The two WHITE lines represent resistance levels the market has been able to successfully trade through to the upside. The RED … Continue reading →