Are The Bears About Wreak Market Havoc? Or Not…

March 15, 2010 at 9:28 am

Monday March 15, 2010 — S&P 500 Today’s Open: 1,148.53

Are the bears about to wreak market havoc? Our traders are keeping a close eye on the S&P for an important ‘tell.  And that something is… a double top formation in charts of the S&P 500.  Technical analysts consider the double top a bearish signal. And chatter is growing that this pattern may be emerging.

If you follow techincals you may know that the S&P 500 has broken through key resistance at 1,130/1,135. The next important area is 1,150-1,160, a range the market has not traded above since October 2008. Many chart watchers including Fast Money’s Guy Adami don’t expect the market to push above the 1150-1160 range — and if indeed that happens – it generates that tell-tale double top pattern.

But not everybody is negative.
Certainly not John Roque of WJB Capital  — he tells the desk he’s cautiously optimistic because the S&P 400 (mid cap), the S&P 600 (small cap), the Nasdaq, the Dow Transports, and Value Line Arithmetic Indexes are all above their Jan 2010 highs.  And I think the ‘tell’ could be if the market settles above 1150 on Friday, adds Terranova. Without 1150 I don’t think we see the mutual fund Monday inflows.

Read the full article at:

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How to stay motivated and beat the excuses of why you don’t focus on your financial fitness. FINDING THE WISDOM TO STEP INTO THE MARKET ISN’T ALWASYS EASY… especially when the stock markets of the world are dropping.


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