Strategesis

From Safehaven.com:

The near-term pattern which is being made by the SPX suggests that the low of the correction may have been 1319, and that a break-out from its corrective channel may be imminent.

This is supported, in part, by the sentiment index which has grown more bullish over the last week, and the charts of GLD and USO which may be ready to start retracing their recent decline.

If the SPX extends its down-move below 1328, it will put the break-out scenario in doubt or, at least, delay it.

Continued

This entry was posted on 2011-05-23 at 09:04 and is filed under education, technical analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.