I understand, my views are not outside the mainstream, but long-term investors should buy Apple shar...
A Compelling Case for 2050-7
03/10/2015 7:00 am EST
Springheel Jack, of SharePlanner.com, takes a technical look at the 15min, daily, and weekly charts for the S&P 500, outlines the head and shoulders pattern that broke down last Friday, and highlights the clear support cluster that strengthens the already high probability pattern target.
SPX 15min chart:
That target is backed up on the daily chart by the daily lower band being in the 2053.6 area.
SPX daily chart:
That target is also backed up on the weekly chart by the weekly middle band being in the 2057 area.
SPX weekly chart:
There is a very clear support cluster in the H&S target area and that strengthens the already high probability pattern target at 2054/5. I think that target will be made, possibly Monday, and that we should see at least a decent bounce at that support. We may, of course, see a bounce on the way as well, but that should just be a rally to sell.
By Springheel Jack, Contributor, SharePlanner.com
Related Articles on STOCKS
Next week has a couple significant concerns: one of course is the FOMC meeting, generally discounted...
On Monday, after a reshuffling of $2.8 trillion of market cap across three sectors, brand-new sector...
Markets for the most part have held up. There are a couple of weak areas. The NQ has lagged both the...