On March 8th we wrote:
On today's chart of the S&P500, it looks like a triangle is forming...
With our signals still on a sell signal, it is possible that resistance maybe held at the upper trend line of the triangle and will continue down out of or near the apex...
If the break out is to the upside AND our signals reverse from short to long we will reverse our position and go long...
Today the SPX broke out of the triangle to the downside and we are now challenging the 55 DMA...
and it looks similar to late November early December...But is it?
Seeing two options here...One, we find some support and turn up and the rally continues or, two, we find support, turn up and we bounce off of the lower triangle trend channel and continue going down...
Based on our previous posts of a correction in March, today we are favoring the latter scenario...Let's watch and see how the pattern develops...
Past performance is not indicative of future results.
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