"A cynic is a man who knows the price of everything, and the value of nothing." Oscar Wilde

$SPY, $QQQQ, $AAPL Rising Wedges

14. September 2009• StocksPhantasmix Tags: , , ,  3 comments

Yet another “inflection point”. SPY and QQQQ closed at new highs today, so performance-anxious and technical buyers will probably come in. Still, how about a little pullback?

Those huge rising wedges look bearish, but as two potential head-and-shoulders patterns have been negated in the last few months, it can happen again. Patterns are made to be broken, I guess.

Click charts to enlarge

(SPY: 110.29 -0.49%)
sept14_spy

(QQQQ: 45.71 -0.74%)
sept14_qqqq

(AAPL: 258.11 -1.09%)
sept14_aapl

 


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3 comments:

  1. headlinecharts, 15. September 2009, 10:44

    Hi, I think the charts look like bear wedges too. But, if you add a year to the same charts the bear wedges look like inverted head and shoulders. I think the chart patterns are secondary to the larger trends. I think right now the best items to follow are the yield curve, the bond/stock ratio and the ECRI leading indicators. They all point to recovery.

     
  2. Phantasmix, 15. September 2009, 19:58

    Hi!

    Did you close or move your blog?

    I’m not looking to build a big bear case, just hoping for a pause so I can buy lower :)

     
  3. headlinecharts, 16. September 2009, 0:04

    hi, I changed to blogspot. Also, I’ve been bad about updating lately.

     

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