Expert’s Corner:Carl Swenlin still bullish but cautious
Carl Swenlin still holds the idea that this is a medium term bullish trend. At best we should see a small pullback before resuming higher:
At the present it is trying to break out of a rising wedge formation, the opposite of what we normally expect with a bearish formation. This kind of behavior continues to supply us with evidence that bull market rules still apply. That means that we should continue to expect bullish resolutions rather than bearish ones.
[Read the rest of this article at Decision Point >>]
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- Carl Swenlin: Very Bullish Indicator
- Carl Swenlin:Long Term Technicals look bullish
- Carl Swenlin:EMA cross over signals Long Term Bull
- Experts Corner: the bull in the bear market
- To Carl Swenlin:Can we short the market now?
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“rising wedge formation”
SPX broke thru the upper trend line on Weds 16th; so the diagonal pattern would seem to have less validity.
DJTA did the same even more forcefully last Fri & i posted the following comment elsewhere Monday: http://www.timingthemarket.ca/techtalk/2009/09/14/tech-talk-for-monday-september-14th-2009/
dave Says:
September 14th, 2009 at 8:34 am
“The Dow Jones Transportation Average added 211.66 points (5.62%) last week. Intermediate trend remains up. A rising wedge pattern has formed.”
IYT (DJTA etf) gapped above rising wedge upper trendline Friday. That’s near-term & short-term bullish to me.