The Industrials never broke important resistance even though the took out the June high. Trannies broke resistance but you have to be the nittiest of pickers to call July a higher high over June.
I'm goin' down, down, down
- Bruce Springsteen
Wednesday, August 11, 2010
Debbie Dow - ner
For those of you who thought you got a Dow Theory buy signal when the Trannies eked out a higher high last month, take a look at these charts (printed 2:45 NYT Wednesday).
The Industrials never broke important resistance even though the took out the June high. Trannies broke resistance but you have to be the nittiest of pickers to call July a higher high over June.
I'm goin' down, down, down
- Bruce Springsteen
The Industrials never broke important resistance even though the took out the June high. Trannies broke resistance but you have to be the nittiest of pickers to call July a higher high over June.
I'm goin' down, down, down
- Bruce Springsteen
Subscribe to:
Post Comments (Atom)
3 comments:
Mike, I remember you saying two things over the last few months, 1) the market always does the opposite of what most expect 2) you didn't think the H&S neckline could be considered broken because too many people were looking at it.
That being said, a wedge for the right shoulder of a H&S is extremely bearish. And now no one is talking about a H&S top...
Agreed, headed lower from the most recent top. Potentially much lower, but the mkt has the final say.
William,
I have read a lot about that rising wedge so naturally I don't believe it. But I do indeed consider that H/S again.
Post a Comment