- The inverse cup and handle pattern in SPDR S&P 500 a bearish pattern.
- Bearishness is not something new to this chart but this just adds some more to it.
- My target for this one is 93 if everything goes in order.
- First criteria is that 105 should not be regained by the bulls on closing basis which makes the break down from this pattern an invalid one. As long as it stays below 104 and 100 target of 93 is achievable for the bears.
July 3, 2010
- S&P 500 Hourly channel trending down.
- This cannot go on for ever. And some retracement is possible. The break of the Channel top line will confirm it.
- But it will be that a retracement and not a reversal. Since the death cross has happened the retracements will be taken care by the 50 DAY moving average.