Tuesday, May 15, 2012

SPX 10-Minute Chart Descending Triangle

Descending triangle breakdown today.  Vertical side is 15 points, note the top is the gap fill at that 1352-1353 area.  Failure at 1337 would target 1337-15 = 1322.  A back kiss of the 1337 may be performed first.  The green lines show positive divergence over the last two days. Over the last hour the price action is weak and bleak, however, which may help bring the price back down into the 1320's.

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