In yesterday's trading, the SPX violated the bottom of the Ascending Triangle for only ONE MINUTE, at 2:26PM, then it rallied into the close, but it needs to get going to the upside after all of these signs of breakout failure. Yesterday, the MACD crossed below its signal line, indicating that this could roll over and die if it can't re-establish some momentum to the upside.
Just like the chart of Goldman Sachs, the NASDAQ has broken the Ascending Line of the DOUBLE Ascending Triangle, suggesting that those patterns morphed into a Bearish Rising Wedge (pattern in black), which has broken down. The market doesn't always confirm a breakout or breakdown, but if the NASDAQ rallies to the broken trendline, then fails, that would be confirmation.
1 comment:
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