Actually; not much has happened to the cash S&P500 during the past week. The latest weekly bar is an “inside” bar and my system still shows the weekly chart on a technical “sell” signal.We now have two “inside” bars in a row. After the first one the market was in a contracting pattern known as the “Arrow”. This indicated that the market will break out of its consolidation over the next two weeks. Two inside bars is simply called “Double Inside Bars” by Elliott Wave International’s Jeffrey Kennedy and has the same implication as the Arrow only that the break (still continue to beware of false breaks before the actual move occurs) is now imminent!
I will look at the daily chart tomorrow morning to see if it hints which way the break may go.
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