SPX Chart I Didn’t Get To Post Last Night Because I Passed Out

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December 16, 2008

This was the train track the SPX was chugging along as of last week.
mini21

This is how the same chart this week is shaping up.
mininow

The point of this is that this mini channel caused back in November 2007 signaled the beginning of a bear market. The SPX then had a bear market rally (didn’t really know it was that in realtime) from April to May 2008 after breaking the channel to the upside.

Now that mini channel appears to be in the process of being broken to the upside again. Of course we have to see how this week closes out, but we may be in for another April-May like bear market rally. After that who knows. Consolidation and up? Another march to new lows till it hits that mini channel again?

I’m playing the now scenario.


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