Chart of the Week: S&P500 Ascending Wedge?

The large cap SPX has formed a bearish rising wedge, while breaking out over the top line of its rising channel. Combining with overbought conditions makes the SPX ripe for profit taking.

S&P500 Ascending Wedge?
sp500.gif
Source: Chart of the Day

Any pullback (to the dashed green line) would provide a low risk entry point for new long positions.

Random Items:
Fed’s Folly Will Come Due in 2004
Twilight of the Neocons?
The Saudi Paradox
The Creativity Conundrum
A Complex System View of Why Stock Markets Crash
Outlawing “Soft Dollars” Will Crush Independent Research

Quote of the Day:
“When we see ourselves in a situation which must be endured and gone through, it is best to make up our minds to it, meet it with firmness, and accommodate everything to it in the best way practicable. This lessens the evil, while fretting and fuming only serves to increase your own torments.” –Thomas Jefferson, 1742-1826

Print Friendly, PDF & Email

Posted Under