Is S&P forming intermediate term double top?

It's been doing a bit of zig and zag and it looks to be stalling around this area.

 

To answer your question (I posted a link to the charts on page one), we have reached a double top.

How about a double top AND a double bottom? Yes. We have a lazy W formation which is bullish.

Out of the equities I keep track of, 80% are advancing. The trend is still up, I'm still bullish. It's hard to fight the fed.

Now if we pull back around 7%, I'm putting my short list to work...

 

Sentiment too bullish right now for any formation to be bullish.

 

I just don't see how can any1 justify buying any stock at this level. Why not wait for it to drop back to 1050 before you go in?

 

The market can stay wrong alot longer then any of us can stay liquid.

 

The double top will be a blip on the rader as we move past it. The trend is still up. Stay long.

 

No not the case.

The power of the double top helped bring on the correction in 2008. And the forming double top now is as clear as an azure sky.

 

We'll see what happens. I'm still long, but as a trader that can change...

I posted that double top a while back using a weekly chart. I consider it a VERY serious level to get past or...:eek:

 

It has now failed twice and today looks to be a reversal type day on alot of charts.

 

I am asking ivanovich to grace this thread w his presence and contribute.

ivanovich--you are no longer a mod, so come to this thread and lets talk about the S&P and making money.