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Gary Tanashian is proprietor of and Actionable, hype-free technical, macro economic and sentiment analysis is provided in the premium market report 'Notes From the Rabbit Hole' ( Complimentary analysis and commentary is available at the... More
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  • Dow - Reverse Sym-Tri? 0 comments
    Sep 1, 2009 7:54 AM | about stocks: DIA, SPY

    Taking a look at the Dow, we see a momentum divergence on weak summer volume. The index remains above short term support and now we have the potential of a reverse symmetrical triangle forming on the Dow, to go along with various potential patterns we are looking at on the SPX in different time frames.

    This is technically not a good picture at all. There is no telling how long the index will cling along to the underside of the top line, but there is a lot of downside potential even if the triangle pattern remains intact at the bottom line. But sym-tri's are continuation patterns so you know what that makes reverse sym-tri's right? Just another bit of caution on a market that has so many caution indicators flashing now it'll probably break to new highs any minute now. ;-)

    Stocks: DIA, SPY
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