Daily
Chart Prepared by Jamie Saettele, CMT
DailyFX Trading Guides and Forecasts
-Wrote in the last update that “the index has erased most of the decline since 2/3 with a good deal of the rally taking place on 2/26 (was that month end like 1/29…did computers forget that it was a leap year?). Trade since November could form a head and shoulders top or simply consolidation before the next leg higher in the multi-year bull move.” The sharp turn lower this week casts a vote in favor of the head and shoulders top pattern. A break of 12000 is needed in order to complete the pattern.
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