SPX : Double Top (M forming?)

Nov 13, ’09 12:28 PM
Author Categories S&P500 Tags ,

Looks like SPX is beginning to start forming the letter M on the charts.

Still too early to tell. And little has changed during the last few trading days.

1. SPX has yet to break through 1100.

2. Double Top seems to have form.

3. Possible support at 1072 based on kumo.

Note:

RUT forms a double top first couple of weeks back. RUT is more volatile and with the double top, it suggests risk aversion moving forward.

2009Nov-S&P 500-800x600

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  3. S&P 500 (SPX) : Something for the bears to look forward to
  4. Bank of America (NYSE:BAC) : Double bottom forming with kumo breakout
  5. Lloyds Banking Group (LYG) : Double Bottom with Ichimoku cros