We all know the game is rigged, but strange things occasionally upset the “easy money bet.”
“Reality” is in the eye of the beholder, especially when it comes to technical analysis and economic tea leaves. It seems most stock market soothsayers are seeing a breakout of the downtrend that erupted in early February, and so the path to new all-time highs is clear.
Does anyone else see a giant bear flag pattern in the daily chart of the S&P 500? Maybe I’m the only one who sees a bearish signal instead of a bullish breakout.
What I see post-mini-crash is a bearish rising wedge which broke to the downside as rising wedges are wont to do.
What followed the rising wedge? A bear flag. As the name implies, Bear Flags are, well, bearish; they tend to break lower in a continuation of trend. The consensus of soothsayers seems to be that the trend is still bullish. I guess I’m the only one who sees lower highs since late January, something that doesn’t strike me as evidence of a bullish trend, the definition of which is higher highs.
|
S&P 500 Large Cap Index 2018(see more posts on S&P 500 Large Cap Index, ) |
The roulette wheel is still spinning, so place your bets. We all know the game is rigged, but strange things occasionally upset the “easy money bet.”
Tags: newslettersent,S&P 500 Large Cap Index