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Wednesday, January 02, 2008

Triangle Pattern Formed in Major Indices

A HAPPY NEW YEAR to all! Wishing good health, happiness and smooth trading in 2008.

Trading volume should start picking up and with that, let's take a look at the S&P 500 chart.

The blue dotted line in the chart above outlined the triangle formation in S&P 500. This lower highs and higher lows pattern is especially obvious in S&P500 and DOW. This neutral pattern signals a breakout in either direction to come. If there is any clue on the direction of breakout, right now there is a bearish bias as both of these indices closed below all three moving averages: 20D, 50D, 200D. Let's see where the market wants to take it when the traders are back in full force.

Wed: Construction Spending, ISM Index, FOMC Minutes

Thurs: ADP NonFarm Employment
Notable earnings: MON, BBBY, GPN

Fri: Unemployment rate, Nonfarm Payroll, ISM Service


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