SPX explosions and the hex of the apex…

Posted on Dec 02, 2011 by in Letters

Several interesting technical phenomena are vying for attention here.  The apex of the triangle is traditionally a resistance point and prices are approaching that point.  Second, a false signal becomes the basis for a true signal in the other direction.  Naturally the breakdown from the triangle was exaggerated and looked to be the precursor for the next recession/depression, Dante's descent into the inferno.  But the last few days seem to have cancelled that.  Nonetheless (depending on news) we expect the next day or so to take back some of the irrational exuberance.

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