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Downtrend Still Intact: Not Out of the Woods

John Palatine | November 11, 2009 | View Comments

Despite a seemingly strong bullish sentiment, mind that the current downtrend that has its origin on October 11, 2007 is not broken. If this rally is about to touch that trendline, we will have another solid 20 SPX points or so ahead of us, depending on how long it takes to get there. The more days pass by, the lower the trendline will be at.

If the market is eyeing this spot, our dear rally might top out at around 111.50 on the SPY and either drop significantly from there, or have a consolidation phase as we experienced during June and July this year. For now, the path of least resistance is to the upside.

spy

Category: Stock Market

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    [...] Pivotal Decision Point in the S&P 500 Posted: November 26, 2009 at 8:45 pm The downtrend that I pointed out earlier this month is still intact. So far we have been unable to break it convincingly and therefore our dear bull [...]

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