Tuesday, May 14, 2013

Is This A Short-Term Top?

When it comes to charts, I do not believe in coincidences. Daily chart of S&P 500 now closely resembles the pattern between November of 2011 and April of 2012. Just like then, it is now up 22.8% from the low in November of 2012. The price also sits at the same spread above 200 dsma - about 12%.
Buyers beware here!

click on chart to enlarge

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