Rising wedge for the DOW with resistance at 10640. Same pattern for SPX and usually bearish. Wait for a hit of the trendline to go short. If we break out above, unlikely but possible, we have an old gap from March to fill at 10750 where I would expect some serious selling to take place. The markets are basically ignoring the constant bid in crude, but not for long. The economy is in no position to handle +55 oil, no matter what the pundits say.
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click on chart for full size
This entry was posted
on Thursday, June 16, 2005 at 4:59 PM.
