Monday, October 8, 2007

Is the S&P Forming a Double Top?

From Trader Mike's Blog:

Despite the strong gains on Friday I’m still on double-top watch for the S&P 500. It’s still just teasing the all time high set in July. (and the volume is still unimpressive… but we won’t talk about that until it actually matters…)

About the only thing I would add is volume has been decreasing on this leg of the rally which is a bearish development.