Wednesday, August 26, 2009
08/26/2009 TD Ameritrade Special
The top is forming nicely. I drew a "head and shoulders" on the 4181 chart and identified 1020.25 as the neckline. Instead of H&S I just call this pattern T&D for the TD Ameritrade commercial that made it a household name [disgusted]. Notice how today's New Home Sales and Durable Goods numbers were pretty outstanding, both coming in above estimates, and yet price couldn't make any progress higher. Looks like this market is ready to roll...
There is plenty of support on the way down but I think mid 990's is a good target. Waiting to see if the bears can get things going. Remember, bulls could drag this out til end of the month to make their numbers ;) I'm short the ES