What's a diamond formation top (supposedly in the S&P right now)?

Discussion in 'Technical Analysis' started by notouch, Jun 22, 2007.

  1. notouch


    Today's close supposedly confirmed a diamond formation top in the S&P according to some Bloomberg analyst. I always thought the diamond formation was a variation of the old 4-4-2 in football (soccer) and I've never come across it before in my technical analysis reading. Anyone care to post a chart illustrating this diamond formation in the S&P?
  2. notouch


    Yes thanks, I have access to google too. I thought we could get a discussion going. The current daily S&P chart doesn't seem to fit well into the definition they give. I can't make a diamond out of it. Maybe the analyst was talking out of his backside. Potential double top, yes. Diamond, no.