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S&P500

SPX : Double Top (M forming?)

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

By iam802

Trend trading with Ichimoku