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Chart of the Week: S&P500 Ascending Wedge?

Posted By Barry Ritholtz On January 5, 2004 @ 11:57 am In Finance,Media | Comments Disabled

The large cap SPX has formed a bearish rising wedge, while breaking out over the top line of its rising channel. Combining with overbought conditions makes the SPX ripe for profit taking.

S&P500 Ascending Wedge?
Source: Chart of the Day [1]

Any pullback (to the dashed green line) would provide a low risk entry point for new long positions.

Random Items:
Fed’s Folly Will Come Due in 2004 [2]
Twilight of the Neocons? [3]
The Saudi Paradox [4]
The Creativity Conundrum [5]
A Complex System View of Why Stock Markets Crash [6]
Outlawing “Soft Dollars” Will Crush Independent Research [7]

Quote of the Day:
“When we see ourselves in a situation which must be endured and gone through, it is best to make up our minds to it, meet it with firmness, and accommodate everything to it in the best way practicable. This lessens the evil, while fretting and fuming only serves to increase your own torments.” -Thomas Jefferson [8], 1742-1826

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2004/01/chart-of-the-week-sp500-ascending-wedge/

URLs in this post:

[1] Chart of the Day: http://www.chartoftheday.com/20031231.htm

[2] Fed’s Folly Will Come Due in 2004 : http://www.thestreet.com/markets/detox/10134346.html

[3] Twilight of the Neocons? : http://billmon.org/archives/000924.html

[4] The Saudi Paradox : http://www.foreignaffairs.org/20040101faessay83105/michael-scott-doran/the-saudi-paradox.html

[5] The Creativity Conundrum: http://www.fastcompany.com/magazine/78/jobs.html

[6] A Complex System View of Why Stock Markets Crash: http://www.ess.ucla.edu/faculty/sornette/why_crash.asp#whycrash

[7] Outlawing “Soft Dollars” Will Crush Independent Research: http://www.nationalreview.com/nrof_luskin/luskin200312190901.asp

[8] Thomas Jefferson: http://www.whitehouse.gov/history/presidents/tj3.html

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