Tuesday, May 5, 2009

SPX Flag on a Pole?

Looks like a flag on a pole to me. Continuation up here will be limited though IMO. Might set a new high 913ish, but I do not expect any more. Indicators are getting pinched into an overbought corner that will have to break or they all simply embed. Might want the double top before retreat to 866.


  1. extremely insightful and perfect flag. shows the indecision to push this up.

  2. Thanks for taking the time to comment Linus.

  3. Hi S,

    FYI: Video overlaps text.

  4. This comment has been removed by the author.

  5. S,
    The fact that SPX pulled back so little after Monday's big rally (and then closed at 903.80 above the flag)...couldn't these facts be bullish, indicating the next stop is 920 then 940 rather than 875 or 866?

  6. SRS - K, De and EWI all have us in C up now. It would be an enormous suprise for a breakdown here. Worst case scenario it falls below 866 and all bets are off. Top end is 943. Then the pullback to the 836 area. No telling what is gonna happen when stressless tests are released. Possible buy the rumor sell the news. I'll be playing long and keeping stops around 900. Wath Dan and K for directions. I'll be throwing out my opinions as well. Thanks for the visit and the note.


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