Head & Shoulders

Discussion in 'Trading' started by noddyboy, Jul 7, 2009.

  1. noddyboy


    Wire: BLOOMBERG News (BN) Date: Jul 7 2009 14:46:13
    S&P 500 May Fall 9% During Earnings Season: Technical Analysis

    By Rita Nazareth
    July 7 (Bloomberg) -- The Standard & Poor’s 500 Index may
    retreat about 9 percent during the two-month second-quarter
    earnings season that begins tomorrow, according to
    Schaeffer’s Investment Research.
    Should the S&P 500 fall below 882.88 points, the slide may
    be followed by a drop to about 820, completing a so-called
    “head-and-shoulders” pattern, said Ryan Detrick, the senior
    technical analyst at Schaeffer’s. The left shoulder and head
    were formed when the S&P 500 climbed to a high, retreated and
    then rose to a higher peak. The right shoulder would be
    completed should the index, which sank to a trough and rallied,
    fall to a new low.
  2. noddyboy


    This was posted before the close today at 881.
  3. H&S pattern could drive sp500 to 800.

    low probability , imo
  4. noddyboy


    Let's go baby.
  5. S2007S


    Im bearish however everyone is calling for the s$p to break down to 800 after it closes below 870-875 area, how true this is is anyone's guess. Would be nice to see a drop like that, once we break lower I believe extreme bearish sentiment will kick once again sending all indexes to March 2009 lows ONCE AGAIN.
  6. According to Tim Ord of decisionpoint.com, we should rally to 91 on the SPY on 10% lighter volume. Looks like the rally already started. I put in a long position just in case ...