All chart watchers can see the classical complex head and shoulders building, as Mr Market says back off from SP500 (or SPY) 1900.
First rule do not pick a top ever. For the simple reason you have no lower high, or lower low. But we can note that momentum if failing, and those that have brought at this level need a greater fool at a higher level to pay higher prices for them to profit, thus these folks will start the selling first.
Price has been holding true to the Gann Angel 1×2. Since March 2009 the 1×2 (1 unit of time to 2 units of price, very fast action by price) the SP500 has not performed well when the 1×2 is busted, a real momentum break down occurs, so take care if we get a sell down here.
First support is 1850, then 1830, masses of support below that.
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Investing Quote…
..”Nothing new ever occurs in the business of speculating or investing in securities and commodities.”..
Jesse Livernore Trading Rule
..”It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong”..
George Soros
