Carl Swenlin: Very Bullish Indicator
by Carl Swenlin
August 7, 2009
Last week’s article was titled Hoping for a Pullback because plenty of people did not catch the beginning of the current rally. The problem with being in the position of hoping for the market to give us a break is that the market doesn’t usually fulfill our hopes. This appears to be one of those times. Instead of showing any inclination to correct recent gains, the market is instead trying to break up through the top of the ascending wedge formation, which is the dominant feature on the daily S&P 500 chart. If the breakout is successful, it would be most unusual (and bullish) because the ascending wedge usually resolves to the downside.
[Read More of Carl Swenlin at Decision Point >> ]
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- Expert’s Corner:Carl Swenlin still bullish but cautious
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- Carl Swenlin:Long Term Technicals look bullish
- Experts Central:Breakout Attempt?
- To Carl Swenlin:Can we short the market now?
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