If we are forming the right shoulder of a head and shoulders pattern on both indexes, here are the micro_trendlines to watch....
On the $SPX the highlighted green trendline will be at 1074.72, tomorrow, and for the $NDX the highlighted orange trendline will be at 1727.02. Both trendlines will normally be exceeded slightly before they will stop an advance. If they are exceeded by too much, then obviously something totally different is happening, and the markets have apparently not really topped...
Comment
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Comment by Steven Vincent on November 6, 2009 at 1:20pm
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I'm looking for a top at SPX 1075 and will be going short there. This is the first time I have been bearish enough to short since March.
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Comment by BullBearGirl on November 5, 2009 at 9:38pm
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Thanks Mark. I always appreciate your charts.
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