Stock Market Analysis – 03-02-2010
March 2, 2010 at 10:59 pm · Filed Under Broader Market
Stock market goes up. Clippers beat Utah. Stock market continues strong the next morning. Coincidence? We’ll see. With the Clippers playing the Suns tomorrow, another lockstep day would be convincing enough for some technical traders. Forget the fact that the market ended up in a gravestone doji and that the Clippers are 3.5 point underdogs, making both more than likely to lose tomorrow. If the Redskins can predict the presidential election, the Clippers can predict the stock market.
P.S. Keep an eye on $1080, which would signal the end of the month long bullish run.
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Your chart shows the S&P rising to the middle of a broadening top pattern. Street Authority says that when you see the broadening top, the market will eventually drop.
In the linked article I write: Gold Breaks Out … Growth Stocks Show Topping Out Patterns On Light Volume.