The purpose of this blog is to provide a unique insight into trends that guide market prices. It is intended to educate and show you characteristics about the stock market, of which, the so called "professionals" have no clue. Traditional technical analysis is almost completely worthless and that is one of the main reasons for the creation of this blog. If you enjoy market analysis and information that you will find nowhere else, this blog is for you!
Wednesday, May 8, 2013
S&P 500 back to short term resistance
I expect a high over the next few days of around 1640, probably after a 15-20 point pull back. Price is now back to the top range of the structure that has contained the SPX over the last few months.
You may have noticed the underperformance of the Dow relative to the SPX over the last several weeks. The reason is because of the push back this major internal trendline is exerting. After several months of leading the major averages higher, the change in leadership is just another warning that no one is paying attention to.