Very confuse and dangerous position to the bulls.Looking the line chart we already break the neckline.I´m out, just looking at this moment...
Bring on a bear market, we can make money either way. Instead of buying we will be shorting the hell out of it. Selling bear call spreads and buying puts. Sure, it makes no difference as long as we know which way we are headed. Enough of this nonsense.
With a Federal rate cut that is due any day now and a Congressional economic push whatever is your Technical analysis it won't stand a chance. The news will blast a hole in your HST if you have one. Remember just be on the right side of the market....or get killed.
Have you also noted that at 1400 level SPX has a solid support line running through March, August and November lows. SPX has failed to break that support lines during massive sell offs? Lets also look at the yearly chart of SDS (Pro shares ultra short SPX ETF ) and it has a solid resistence at 60 when it has topped out 3 times, making a triple top which is a bearish sign?
So you are saying that charts don't have any predictive measure? Everybody who has followed a trend on a chart knows that charts work. The charts are telling us that something is wrong and a rate cut won't fix it easily this time. The only concern for the bears is the a/d line. It looks to me like the breadth could be worse.
The charts posted don't show daily volume I believe you need volume to really guage an HS top (or many other significant reversal patterns) IMHO - if you look at volume on the tops - the case is less compelling for an HS top reversal Time will tell