Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Ominous S&P Chart


Ominous S&P Chart
By Mike Paulenoff, www.MPTrader.com

The very big picture of the S&P 500 chart -- (AMEX: SPY) for traders of the ETF -- shows the making of a giant double-top pattern that could be on the verge of downside acceleration that breaks the January low at 1270 and begins to fulfill its "natural potential" on the way towards a revisit of the 2002 low. Yes, that is an extreme forecast, but that is the look that this pattern exhibits. No, it will not happen in a straight line, and more than likely any decline in the SPX that violates the January 2008 low at 1270 will find support at the 50% support area of the entire 2002-2007 bull move, which is at 1174.00. Be that as it may, this is a very ominous longer-term chart picture.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!