Friday, November 15, 2013

$DJ30 and $SP500 Chart update,...By Anthony Calhoun

As of November 1st I alerted on a moving average crossover and the potential down swing.  If you kept your watch on the 3SMA and 5SMA like I stated would be a good indicator for the trend, they crossed back over on November 5th.  Since then the market looked like it rallied and broke out of W bottoms. With the market up 20% for the year the last thing I would think we would see is another brake out. Looking at the charts below and the link here for W bottoms you will see what I am talking about.  This market could continue to run till year end or pull back sharply, no one knows.  Just keep your eye out for the short term indicators and patterns that will help you in this market.

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