S&P 500 @ 24/07/09 (Bullish or Bearish)?

[michael_selway]

For all the Techies out there, is the below chart of S&P 500 @ 24/07/09 (Bullish or Bearish)?

More specially is it a double bottom or double top or neither?

Also what are max and min points depending if your see it as bullish or bearish

Thanks in advance
MS

 

[tech/a]

A pause around here so expect it to come off a bit.
Infact expect most indexes to have a pause in the coming days.
Then push on to 1050 ish.
Relative to life of chart Current trend is Bullish
Overall S&P is in a wide range.
Loosly we have both a double top and bottom--Purists could argue that neither were perfect.

Minimum point for a longer term reversal is right where we are.
Maximum is the last peak.

However my very secret proprietary black box indicator says imminent reversal back to the last low is highest probability.
Which will ofcourse if this comes off be worth an absolute fortune.
if it fails will be worth Zip.

Orders can be placed by private mail.
Currently $299.99.
However as it gets closer to success or failure the price will alter.

 

[michael_selway]

A pause around here so expect it to come off a bit.
Infact expect most indexes to have a pause in the coming days.
Then push on to 1050 ish.
Relative to life of chart Current trend is Bullish
Overall S&P is in a wide range.
Loosly we have both a double top and bottom--Purists could argue that neither were perfect.

Minimum point for a longer term reversal is right where we are.
Maximum is the last peak.

However my very secret proprietary black box indicator says imminent reversal back to the last low is highest probability.
Which will ofcourse if this comes off be worth an absolute fortune.
if it fails will be worth Zip.

Orders can be placed by private mail.
Currently $299.99.
However as it gets closer to success or failure the price will alter.

So for you personally, in a longer term view, its pretty much bearish or flat from here on in?

Thanks for your interesting views

Thanks

MS

 

[tech/a]

Michael.
I dont have a personal view.
But technically---
My own analysis indicates strongly that at these levels + or - 50 points that the index/s and many stocks within them will have a prolonged reversal.

This hasnt happened yet.
So for me currently 2 long positions were closed out as they hit an exit and a trailing stop.
One long remains open.
One new long was opened.
No shorts as I dont have Facilities to trade short.(ASX)
but will look seriously at trading US short if the above plays out.(IB)

 

[dutchie]

Hi Michael

An other possibility is a Megaphone top.

Join the tops and join the bottoms.

So immediate bullish to 1600+ (fourth leg, up to touch top trend line)
and then bearish < 600 (fifth leg down, through bottom trend line) - (ugly)

Time will tell.

Cheers

dutchie

 

[michael_selway]

Hi Michael

An other possibility is a Megaphone top.

Join the tops and join the bottoms.

So immediate bullish to 1600+ (fourth leg, up to touch top trend line)
and then bearish < 600 (fifth leg down, through bottom trend line) - (ugly)

Time will tell.

Cheers

dutchie

Hi Dutchie have you got a picture example of what a Megaphone top looks like?

Also so are you saying that in the short term (1-2 years) it can actually reach its two peaks but eventually it will go lower than its two lows and stay there indefinetly from there onwards?

thx

MS