I’ve Seen Paint Dry…

… and it was more exciting than yesterday’s action. Couple of things I noticed during the day yesterday. First, look at this SPX chart. Compare the two rectangles. While not the exact same pattern, it looks fairly close to me. Notice the first bar in the pattern as a negative day for the market, followed by three positive bars which appear to lose steam each day, then followed by a negative bar and finally a nasty selloff. Looking at the action from the past week, it appears to be following a similar pattern. Futures so far this morning are down so we’ll see.

Jorge 26 March 2008 Market Pulse

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Jim 6 months ago 1 point
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That looks pretty interesting. I like the comparison of the rectangles, and I see what you are talking about. Definitely good to keep an eye on how things will open up today...

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Jorge 6 months ago 1 point
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The selloff occured, but it wasn't as large as I thought it would be. Good support at 1330 it appears even though we closed ever so slightly below it. Let's see how the markets close out this afternoon.

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