- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
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Wednesday, 29 May 2013

Possible Double-Top Formed

Sometimes it just isn't your day. I just spent an hour writing a post and selected it to copy it over to Slope of Hope when I hit the wrong key and deleted almost the whole thing irrecoverably. Unusually I have to leave soon and will be out much of the day so I am going to rewrite this as a shorter post as quickly as possible. Excuse the very brief comments.

I gave the double-bottom target last Friday at 1675, and the high yesterday was 1674.21. That may well be it for the rally:
There is a decent resistance level near the high yesterday and that is the weekly upper bollinger band, now in the 1672.50 area:
If we have seen the rally high then there is now a candidate double-top in play on SPX. On a break below last week's lows the obvious target area is the 1580-1600 area, depending on the time taken to reach the wedge support trendline:
ES has traded as low at 1642.75 overnight. If it breaks below last week's lows the double-top target is in the 1580 area:
GBPUSD fell yesterday but strengthened the scenario for a bounce into the 1.53 area in the process. there is now a better entry and a candidate double-bottom there:
I sketched out a possible path for TLT for the year or two forward from March, and that is still looking good here. The next move on the chart would be to the possible H&S neckline in the 106.5 area:
I posted a CL chart on twitter yesterday showing bull and bear scenarios and you can see that here. I'll be back near the end of the trading session today.

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