Monday, April 9, 2012

Wedge Line Broken on S&P 500

Click on Chart to Enlarge

See the notes on the chart above.  The break of the uptrend line is an initial warning that the uptrend may be complete.  A fast break of 1340 would be further indication that a high may be in place.

The NYSE, Russell 2000, and Dow 30 are all also under their corresponding trendlines. 

It may be wise to wait for a rebound for the stochastics to move back above 50 and then make a bearish cross before considering bearish trades.

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