Home > charting trendlines, Financial Ponzi, investing, Stock Market, technical analysis > S&P back towards bottom of 5 year pennant

S&P back towards bottom of 5 year pennant

The S&P is fast approach a trendline of support that has been in play since 2008.  Though not a clean line along bottom support, it has effected change as both support and resistance, and has been meaningful support since 2009.  Though I grow increasingly confident that we have seen a major top put in place, this trendline around 1140 is very meaningful.  A break to the downside would be (another) decisive blow by the bears to a pennant pattern in play since 2007.  Should a bearish break occur, I speculate the next significant support resides around 1060.

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