MAJOR top completed today in Russell 2000 & NYSE Composite
- Posted by PeterLBrandt
- on May 14th, 2012
The Head and Shoulders pattern signifies a major trend change. The Russell 2000 and NYSE Composite daily charts completed H&S tops patterns today.
The charts below speak for themselves. I have commented on these charts frequently in recent days. Well, today the tops were completed on a closing price basis, and this is significant. Irritating choir boys with their squeaky voices aside, the stock market is putting in a top of some magnitude.
The broad indexes have now broken down. The narrow indexes (S&P, DJIA, Nasdaq) will soon follow.
By the way, one of the more obnoxious choir boys has been putting out a buy recommendation on stock index since early last week.
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Peter Brandt entered the commodity trading business in 1976 with ContiCommodity Services, a division of Continental Grain Company. From his start in the commodity industry, Peter's goal was to trade proprietary funds. But, he first needed to learn the business. More »