Friday, October 24, 2008

Futures set for tough open

Assuming another smack down at the open what will this mean for the double (now triple) bottom I was looking for ? It looks like it's a goner... The symmetrical triangles TraderMike talked about are about to set up measured moves down. To add insult to injury, all the Bullish Percents have switched negative after an all positive turn a couple of days ago.

The real struggle is in tech. Since the second bullish piercing pattern had me looking for a double bottom the index has struggled to mount any sort of challenge on the neckline at 1,900. An 80-point gap down would make this toast.

Watching Summation Indices for a 'Buy' as volatiltiy shapes a triple top:

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, market alerts and stock charts website