Wednesday, 14 August 2013

Ugly charts in Dow 30 and S&P 500? 2013-08-15

Fairly ugly charts are emerging in the Dow and the S&P500. Dow looks worse right now because supports from July appear to have broken down. Both have head and shoulders formations.

Dow 30:

S&P 500:

The Head and Shoulders on the S&P500 has a neckline at 1680-1687, near the prior high of 1687 (orange line). Price has broken down through that line just now. Dow does not look better inthat respect.

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