Thursday, December 13, 2012

Quick market update

Yesterday I posted a 60 min chart of the S&P 500, I showed how it stopped exactly at resistance (see the downtrend line with red arrows) and had also formed into a bear wedge pattern.  Here's the original post from yesterday.

As you can see with today's sell off the wedge is playing out and gave folks an early warning sign to lighten up on Longs or even take a short position.

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