More and bigger questions…

Posted on Jun 25, 2015 by in Letters

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=0&dy=0&id=p96995943835&a=413887823

It is a characteristic of prices at  tops to do two things:  drift sideways and break short term trendlines.  Here a trendline from feb15 and a longer and more significant trendline from oct14 are broken.

Here we begin to see some shape to the market.  And it is not pretty.  Without too much contortion we can see a possible head and shoulders.

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