Friday, October 19, 2012

Triple Top and Confirmed Down Trend

It wasn't completely clear to me after Tuesday if this was the initial stage of a rally or a short term bounce but after the past two days action there is no longer much doubt.  The SP which looked the strongest through the majority of this pull back and was within range of a new break to a 52-WK high has put in a triple top pattern to close this week and the NASDAQ which was dragging confirmed a down trend.

SP Triple Top
COMP Confirms Down Trend

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