The MOTHER of all DOUBLE TOPS confirmed 2/27/09

Discussion in 'Technical Analysis' started by ess1096, Feb 27, 2009.

  1. ess1096

    ess1096

    When the S&P started rolling over in October 2007 I considered, but then laughed at the possibility of a double top of such huge proportions. Now with the February monthly bar closing today it has confirmed itself. And what's worse is it closed on it's lows (daily, weekly & monthly).

    Next support should come from the 605-681 range. If it trades through that, and it certainly could, it won't find support until 482, the 1994 tops.

    Of course this is long term analysis for position trading. Daytrading and swing trading will be business as usual. :)

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  2. Illum

    Illum

    Yep, no hiding that ugliness either. Weekly / month closed. It is "in the books," damaging to say the least.
     
  3. PetaDollar

    PetaDollar Moderator

    OP, in my opinion you need to reconsider the current relevance of the 2003 levels.
     
  4. dinoman

    dinoman

    Good chart reading! But whats the relevance of telling us the obvious?

    Let alone don't forget that Technical Analysis is not an exact science.
     
  5. ess1096

    ess1096

    Splain Fred. :D

    (explain please)
     
  6. ess1096

    ess1096

    Oh God, there's always one.

    Obvious to you and I maybe, but maybe open for discussion to others? And you are right, TA is NOT an exact science. I'll post that disclaimer next time I post a chart. :D
     
  7. piezoe

    piezoe

    I agree with your analysis. One should never get complacent though. Should a squeeze materialize under the current circumstances, it will gain considerable momentum before burning out.
     
  8. Nice.

    May I know what chart program that is? SierraCharts?
     
  9. SPX, FTSE Double Top Charts

    Regards,
    Suri

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  10. FTSE Double Top...

    Regards,
    Suri

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    #10     Feb 28, 2009