Thursday, January 29, 2009

New Channel Rising? - Apparently Not

Take a look at this 30 minute chart of the S&P 500 over the past month (channel boundaries are mine) - while the channel that's being formed isn't as tight as the last two, the last two days are clearly still close to the channel boundaries:

UPDATE: it's nearly 11:00 ET on Friday, January 30, and with the SPX down to 832, it's clear this channel isn't holding. Back to 800 we go?

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