The SPYs gapped lower at the open, but spent most of the day rallying back. In all, the market moved about three points from open to close. Note there are several bull market pennant consolidation patterns. Also note the market ended in either a pennant pattern or a double top.
Like the SPYs, the QQQQs had an amazing turnaround today, especially considering where they opened. Again, notice the strong rally, and a few pennant patterns. Also note a possible double top at the end of the trading day.
On the IWMs, there really isn't much different to note, except to note the market moved a total of 2.64 points.
1 comment:
Hello Mr. Bonddad. I've been reading your blog for quite some time and I enjoy the analysis you bring to the table. I just did a writeup of my own about it all and I made a chart you might find interesting (I figure you like charts as much as I do).
The post is here and the chart in question is here - it's the Dow expressed in Euros since this time in 2000. Interesting to note that in the entire "recovery" that supposedly happened, the Euro Dow barely cracked 10,000, and is now sitting in the mid 7,000's - a much more accurate picture of where we are I believe.
Post a Comment