Just a short note on this President’s Day Holiday. In my system the weekly chart remains on a technical “sell” signal. The latest weekly bar on the cash S&P500 can be classified as “inside” and the low made the week of January 25 is now defined as a price CIT (Change-In-Trend). The last few bars have now formed a contracting pattern known as the “Arrow”. This indicates that the market will break out of its consolidation over the next two weeks. Beware of false breaks before the actual move occurs!Monday, 18 February 2008
Brief Weekly Update
Just a short note on this President’s Day Holiday. In my system the weekly chart remains on a technical “sell” signal. The latest weekly bar on the cash S&P500 can be classified as “inside” and the low made the week of January 25 is now defined as a price CIT (Change-In-Trend). The last few bars have now formed a contracting pattern known as the “Arrow”. This indicates that the market will break out of its consolidation over the next two weeks. Beware of false breaks before the actual move occurs!
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