Friday, September 11, 2009

SP500 Symmetry

Most common ABC patterns are where C = A. Well, that's clearly what we have here. Additionally, the timing window for Sept 11 market high I pointed out earlier. Things are looking rather complete to me. Breadth continued to  contract even though we hit new highs. Banks, Financials, Utilities, Agriculture and other metrics are not anywhere making new highs. Sentiment towards the dollar dropped to 4% bulls. Oil collapsed with no commensurate rise in the dollar...and is setting up a head and shoulders pattern.

This market is an exercise in frustration...but there we have it things coming together nicely.

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