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Attached is the weekly chart of S&P 500. The S&P has tested its low in July and bounced back. Is it the DOUBLE BOTTOM?
After 9 continuous sessions of up tick, US dollar had a sharp reversal today. One day of movement is not a trend. However, when comparing with the “double bottom” of the S&P500, you might wonder: Is this dollar reversal hinting the end of the US credit crisis?
I think it might be time to get your shopping list ready. As when the tide turns, it will turn on a dime.
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I disagree. I think it looks like 2 things:
1. A giant H&S about to break.
2. The continuation of a bump and run reversal which was confirmed long ago.
However, it would not be unreasonable to see the market rally to the upper trendline. I just don't think it is that likely.
Posted by: Vdsat | September 13, 2008 at 10:45 AM
Vdsat,
Obviously you are right after the "double bottom" support was cut through like a knife to a cheese cake.
Posted by: MJ | September 17, 2008 at 04:14 PM