Might S&P be making a H&S or triple top?
24FEB14 Update: Looks like SPY broke above the 1850ish level, but didn't hold it well....so, w/ a "head" (although a short one!) in place, it prob. eliminated the Triple Top possibility and will likely do the H&S thing....question is will it form a higher head and go up a bit more for more symmetry, or call it a day (w/today's new high) and start the way down? Or, do something that completely flummoxes both bears and bulls? Stay tuned!
28FEB Update: S&P went to new high today, but reversed b/f recovering some of it late...good prob. this was top of head in H&S pattern...but time will tell as it must form a neckline and then a right shoulder b/f breaking down from neckline....one step at a time. That said, mkt/stocks look tired and have been laboring to make new highs....not signs of a vibrant bull, but rather an old one...
24FEB14 Update: Looks like SPY broke above the 1850ish level, but didn't hold it well....so, w/ a "head" (although a short one!) in place, it prob. eliminated the Triple Top possibility and will likely do the H&S thing....question is will it form a higher head and go up a bit more for more symmetry, or call it a day (w/today's new high) and start the way down? Or, do something that completely flummoxes both bears and bulls? Stay tuned!
28FEB Update: S&P went to new high today, but reversed b/f recovering some of it late...good prob. this was top of head in H&S pattern...but time will tell as it must form a neckline and then a right shoulder b/f breaking down from neckline....one step at a time. That said, mkt/stocks look tired and have been laboring to make new highs....not signs of a vibrant bull, but rather an old one...