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Well I won’t say the triangle didn’t have me a bit worried yesterday, with the solid low at triangle support on Friday and the near miss of triangle resistance on SPX. The break down through triangle support this morning however pretty much kills off the bull triangle scenario and this should be the start of the move down that Stan and I have been expecting. SPX 15min chart:
Listen you bloated, levitating sideways going Pig, will you please either break above that red line and the post-FOMC euphoria highs of 9/22 or drop to or through the lower blue wedge line? You know you are going to do one of those two things soon enough and we’d all just as soon get on with it. Thank you.
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I’m making an adjustment to my posts from now on where instead of simply speculating about future market direction, I’m going to offer a trade idea and plan. (insert customary disclaimer, educational purposes only, blah blah, I can’t make you buy or sell, use the plan at your own risk, etc. etc.) So let’s get to it.
The Context: As some of us are painfully aware, the S&P500 has been making higher lows and lower highs since the low of September 12th resulting in a triangle-like pattern.
