The S&P closed today @ 1503.2 and the technical indicators arte now signaling an intermediate term topping pattern right here. Does anyone see the same thing ?
It does look and feel like a pivot point is near. The market is sitting right on or near a big trend line and consolidating. As I pointed out in the Qs chart in another thread, usually the market is moving up, down or chopping. When it has chopped, it has turned down. There is no real catalyst for the market to turn down. Last year it was a host of catalysts to include: - Bernanke - Iran/Iraq and oil - Housing crash - recession thinking - etc, u know the rest I cant point out any specific factors right now and the general attitude in the market is if it sells off, then someone is getting ready to catch it. I tend to think that the market will go up from here, but I have been wrong on occasion.
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Um on occasion? Thats an understatement...lol kidding market will keep going higher. Last year the markets tanked in May-June-July cause the dimwitted dog Bernanke's lack of subtlety and interest rate hikes. He finally got a clue in September and the markets went higher. Interest rates no longer a big issue. Housing was never a big issue. neither was oil and WTF is recession thinking? That makes no sense. Then again few of your posts do.