S&P set up for selloff?

I’m not really a day-trader, but in looking at the 10 day intra-day chart at day’s end, I couldn’t help but notice what looks like a pretty bearish setup going into tomorrow.  Forgetting for a second the long term support and resistance, the S&P has rallied back to a line of resistance that can be drawn from the very recent highs, and coming off the bottom three days ago, a rising wedge appears to be in place.  I’ve been in the bear camp for months now, so maybe I’m just seeing that one side of it…

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

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 )

Twitter picture

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

Facebook photo

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

Google+ photo

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

Connecting to %s

%d bloggers like this: