On 5/14/2011 the 6-pack below was posted, as the “Power of the Pattern” was reflecting - multi-year bearish rising wedges were taking place around the world and rising wedges two-thirds of the time results in lower prices (see 5/14 post here) . The pattern concerns 11 months ago were….Rising wedges were taking place around the world [...]
CLICK ON CHART TO ENLARGE The week is NOT OVER WITH in the “Weekly chart” above….At this time the Russell has created what looks like a rather large bearish at key resistance. I would be concerned more than a small bit, if support happens to give way and it pushes much lower.
CLICK ON CHART TO ENLARGE The Russell has been a little weaker than the 500 index over the past month, reflected in the lower left inset chart above. The decline of late in the Russell broke support drawn off the lows last fall and this morning the Russell is “kissing the underside of this resistance [...]
Last week the Power of the Pattern reflected thatBasic Materials were lagging the broad market by a 14% , (since last April highs) and that for the broad market to move higher, the 500 index needed Basic Materials and the Russell 2000 to break resistance in the chart below (see 2/28 post) CLICK ON CHART TO [...]
CLICK ON CHART TO ENLARGE The week is not over with…. so far this “Weekly Russell 2000″ chart is forming a rather bearish upside wick at (1) and is attempting to break support, after hitting resistance line (3). Since the September lows, the Russell has created numerous “bullish downside wicks” along support line (2), which [...]
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