S&P Pennant Resolving or Bouncing?

****UPDATE:  The S&P is pushing below its pennant support line…

Here is what I noted this morning:  The S&P has pushed to the bottom of a pennant pattern that has formed over the last month or two.


One could play this for a short term bounce here, or wait for a convincing break to the downside before laying in some shorts.  In the larger context, a break to the downside here would seem to suggest that there is indeed very firm resistance at the 200 day, and the pattern replica from 2006-2008 continues.


  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 )

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

%d bloggers like this: